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What’s Insurgents
News Claim
Business & Finance
Victory
 Wall Street is grappling
As Assad
with whether another year
of robust gains is possible
for a stock market that is
Flees Syria
looking precariously expen-
sive after a 28% rise in the Russia grants asylum
S&P 500 so far in 2024. A1
 Dividend-paying stal- to ex-leader; jubilation
warts such as JPMorgan widespread as effect
Chase and Merck are primed
to fare better in the coming on Mideast weighed
year, some investors said. B1
The Assad family dictator-
 Omnicom is in advanced
ship that ruled Syria for more
talks to acquire Interpublic, a
than 50 years collapsed on
deal that would create the
ABDULAZIZ KETAZ/AFP/GETTY IMAGES

Sunday, with rebel forces

world’s largest advertising
claiming control of Damascus
company, according to people
and President Bashar al-Assad
familiar with the matter. B1
leaving the country. The events
 Global advertising spend- set off celebrations among the
ing will surpass $1 trillion in long-repressed population but
2024, one year earlier than also sparked worries about
previously expected, accord- how the events would rever-
ing to a forecast from the berate across the Middle East.
media investment group The head of Syria’s largest rebel group, Abu Mohammed al-Jawlani, was greeted Sunday before addressing a crowd in Damascus.
GroupM, a unit of WPP. B4 By Summer Said,

Rebels Waited Years to Strike,

 The International Broth- Isabel Coles
erhood of Teamsters said it and Stephen Kalin
is giving Amazon.com a

.
Rebel forces poured into the
deadline of Dec. 15 to agree
capital overnight, just over a

ly
to bargaining dates to nego-
tiate a union contract for its
delivery drivers and ware-
house workers. B4
But Their Opening Came Swiftly on
week after launching a cam-
paign that swept through
Syria’s biggest cities with light-
ning speed. Within hours, Abu
 Trucking company Kal Mohammed al-Jawlani, who
Freight filed for bankruptcy Entering the weekend, By late Saturday, Assad had declined, and Syrian men Damascus confirmed how the is the leader of Hayat Tahrir
protection, saying that its fi- Syria President Bashar al- vanished. He didn’t show up dodged conscription. The mili- regime was “in worse shape al-Sham, one of the largest
nancial condition has been Assad showed no signs of for a prepared address to the tary since early in the civil than we thought,” said Aron rebel groups that mounted the
us ,

hurt by unprofitable efforts yielding. nation, and his cabinet had no war had depended heavily on Lund, a security analyst with offensive against Assad, ar-
l

to become a vertically inte- idea where he was. They outside forces to reinforce its the Swedish Defense Research rived in Damascus.
e
al a

grated business. B7 By Jared Malsin, learned with the rest of the lines. Iran and the Syrian re- Agency, a government think Assad traveled to Russia
Summer Said world that Assad had escaped gime brought in militias from tank. The regime received “a early Sunday, according to
 The popularity of BeatBox
and Isabel Coles the country hours ahead of Lebanon, Iraq and Afghani- knockout blow early on,” he Syrian and other Arab offi-
ci on

premixed alcoholic drinks has

the rebels who captured Syria. stan. Russia had provided said, and never recovered. cials, where Russian state
created a windfall for the
As armed rebels closed in The toppling of Assad’s re- warplanes, air defenses and The rebels in 11 days ac- news agency TASS reported
small company behind them,
Saturday on Damascus, Assad gime, ending 50 years of his military advisers. complished what had ap- that Moscow granted him and
and raised concerns among
ordered his forces to defend family’s rule, revealed how Yet, as Assad dialed for peared impossible after 13 Please turn to page A6
public-health groups that they
the Syrian capital, seemingly badly Syria’s army had been help from foreign govern- years of brutal combat with
er s

could end up in the hands of

confident the military would hollowed out by years of cor- ments in his last hours as Assad’s forces. Early Sunday,  Mideast faces shift in
underage drinkers. B3
come to his rescue, according ruption, defections to the re- Syria’s leader, he found he had demonstrators crowded balance of power.............. A6
 Syria’s future quickly
m er

to Syrian officials familiar bellion and the country’s eco- run out of allies and military streets in the capital to cele-
World-Wide with the matter. nomic crisis. Recruitment had allegiance. The swift fall of Please turn to page A7 becomes a U.S. priority... A7

 The Assad family dicta-

Investigator Tracks S&P 500’s Strong 2024 Sparks
m rp

torship that ruled Syria for

more than 50 years col-

Dangerous Hackers Debate on How Far It Can Rise

lapsed, with rebel forces
claiming control of Damas-
cus and President Bashar al-
co Fo

From a Secret Lair

Assad leaving the country. A1
 The downfall marks a new
power realignment in the BY KRYSTAL HUR Index performance, some question how much fur-
Middle East, with allies of the past six months ther they can run. A backdrop
old regime suffering a blow Wall Street is grappling of high interest rates, geopolit-
and Turkey acquiring greater with whether another year of 20% ical turmoil and potential trade
influence in the region. A6 Brian Krebs faces threats, manipulation robust gains is possible for a wars could dent the market’s
Russell 2000
 Israel’s prime minister said stock market that is looking gains, some warn. Yet many in-
he ordered the military to and the odd chess challenge precariously expensive.
15
vestors are hesitant to call an
seize the demilitarized buf- The S&P 500 has surged end to a rally that has repeat-
fer zone between Israel and BY ROBERT MCMILLAN ing a military term for gath- 28% in 2024 and is on pace for 10 edly defied expectations.
Syria to defend villages in Is- AND VIPAL MONGA ering intelligence from hu- back-to-back annual jumps of “We’re kind of in the honey-
rael’s north, a move he said man sources. “But I really more than 20% for the first moon phase of the new admin-
n-

would be temporary. A7 One morning in Septem- want to play you in chess.” time since a four-year stretch 5 istration,” said Matt Miskin,
ber, a hacker known as Waifu The two had been commu- that ended in 1998. co-chief investment strategist
 An outpouring of popular
sent a message to Brian nicating on messaging apps Strategists at some of the S&P 500 for John Hancock Investment
sympathy for the man who 0
Krebs, a cybersecurity re- for months. Investigators had nation’s biggest banks are pro- Management. “But the Fed is
assassinated a top health-in-
no

searcher investigating him. linked Waifu to a hacking ram- jecting more modest returns in going to be on the hook for re-
surance executive in New York
Waifu wanted to play a game. page that started in April and 2025. JPMorgan Chase, Mor- –5 acceleration of the economy,
City poses an unanticipated
“Here is the deal,” Waifu exposed private information gan Stanley and Goldman July 2024 Dec.
when it’s doing pretty well,
challenge to the authorities
wrote. “Beat me 2 out of 3 in on hundreds of millions of Sachs project that the S&P 500 frankly, and perhaps a bit
searching for the gunman. A3
chess, and if your demand is Americans, including phone will reach 6500 by the end of Source: FactSet firmer inflation.”
 Trump’s transition team reasonable, I would answer records. Some investigators, next year, a 6.7% increase from In the coming days, inves-
is drafting several versions questions without trolling u.” including Krebs, had tied Friday’s close of roughly 6090. hit 6666 and 7000, respec- tors will parse another round
of his long-promised execu- Krebs didn’t reply, but the Waifu to a real-world identity Others are a little more bull- tively. of inflation data to see whether
tive order to curtail auto- messages kept coming in. “I over the summer, although ish. Barclays recently raised its Analysts generally agree Please turn to page A2
matic citizenship for anyone would rate you FBI range in they hadn’t gone public with price target to 6600. Bank of that President-elect Donald
born in the U.S. as the presi- terms of HUMINT skill and that information—yet. America and Deutsche Bank Trump’s pro-growth policies  Dividend-paying stocks
dent-elect’s aides prepare for capability,” Waifu wrote, us- Please turn to page A10 expect the benchmark index to will be a boon for stocks but poised for rebound............ B1
an expanded legal fight. A5
 The leader of South Korea’s
ruling party said President
Yoon Suk Yeol was unfit for
A Runaway Dog Captures a City, INSIDE Energy Pick Heralds
power after he briefly insti- One Audacious Escape at a Time
tuted martial law last week
and wouldn’t be involved in
governing the country. A8
i i i Benefits of Warming
Mutt divides New Orleans between pursuers
 Global figures, including BY BENOÎT MORENNE Trump has repeatedly called
President-elect Trump, gath- and locals who see a symbol of resistance climate change a hoax but
ered in Notre Dame in Paris Chris Wright, President- hasn’t articulated his views in
for a solemn ceremony on elect Donald Trump’s nominee detail. The selection of Wright
Saturday to mark the cathe- BY RACHEL WOLFE window, you’d be hard pressed for energy secretary, says cli- is one of the clearest indicators
dral’s reopening after a di- to find a New Orleanian with- PERSONAL JOURNAL mate change poses only a mod- yet that the next administra-
sastrous 2019 fire. A18 NEW ORLEANS—A nearly out an opinion on Scrim. A new generation is est threat to humanity. The tion is likely to push back on
yearlong hunt for a 17-pound “He’s ungovernable,” says biggest U.S. oil companies dis- widely accepted scientific find-
mutt is tearing this city in Zach Oshin, a 30-year-old at-
tweaking the power tie agree. ings about climate change.
JOURNAL REPORT two. On only one fact can both torney who lives near where as it makes a comeback A fracking executive, Wright Many oil-and-gas executives
Investing Monthly: Help sides agree: Scrim is no or- Scrim first went missing. in the office. A11 acknowledges that burning fos- have lauded Wright’s nomina-
your boomerang kids, and dinary runaway. “My cat comes home after sil fuels is contributing to ris- tion as they expect he will give
yourself. B5-6 When lost dog fli- he gets a little hungry. ing temperatures. But he also their industry a boost. Still,
JAYNE KAMIN-ONCEA/REUTERS

ers first appeared on Scrim gets shot twice says climate change makes the Wright’s climate pronounce-
telephone poles in the and still wants to be planet greener by increasing ments highlight the chasm be-
CONTENTS Markets..........................B9 Mid-City neighborhood free. He’s choosing this plant growth, boosts agricul- tween the Trump administra-
Arts in Review......A13 Markets Digest.......B8
Business & Finance.. B2,7 Opinion.................A15-17
last spring, neighbors life, and that’s kind of tural productivity and likely re- tion and the country’s biggest
Business News...B3-4 Personal Journal...A11-12 didn’t feel much be- an inspiration.” duces the number of tempera- oil companies on a crucial is-
Crossword..................A14 Sports............................A14 yond the requisite Flee collar The scraggly 3- ture-related deaths annually. sue.
Heard on Street.......B10 U.S. News................A2-5 sympathy for Scrim’s year-old canine has “It’s probably almost as Occidental Petroleum Chief
Journal Report...B5-6 World News....A6-9,18
family, who had adopted him a been turned into a meme, a T- many positive changes as there Executive Vicki Hollub this
few hours before he ran away. shirt, an adjective and a verb SPORTS are negative changes,” he told year called climate change “the
> But after dozens of failed (roughly translating to “hast- conservative media nonprofit greatest crisis our world has
Juan Soto agrees to
captures, hundreds of sight- ily leaving somewhere without PragerU last year, referring to ever faced.” Exxon Mobil CEO
ings, thousands of dollars in looking back”). He’s a symbol
play for the Mets for climate change. “Is it a crisis, is Darren Woods said in a Wall
rescue efforts, a televised de- of resistance and of human- $765 million, a record it the world’s greatest chal- Street Journal interview in No-
s 2024 Dow Jones & Company, Inc.
tainment and a more recent ity’s insistence on caging what for a pro athlete. A14 lenge, or a big threat to the next vember that Trump shouldn’t
All Rights Reserved escape out of a second-story Please turn to page A10 generation? No.” Please turn to page A4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

U.S. NEWS
Trump Targets Canada With Tariffs—and Trolling
Canada and its prime minis- with the caption “Oh Canada!” tempestuous,” said Gerald
ter, Justin Trudeau, have a “Any good joke hits a little Butts, vice chairman of the Eur- Value of imports to the U.S., by country
Donald Trump problem. bit of a nerve, and certainly asia Group consulting firm, and What U.S.
President Trump likes to hit a a former senior adviser to $1.50 trillion
By Vipal Monga nerve,” said Kirsten Hillman, Trudeau who was also at the China Canada Mexico
Gets From
in Toronto and Alex Canada’s ambassador to the 2018 G-7 summit. He said 1.25
Leary in Washington U.S., in a television interview. Trump has made the 51st-state
Canada,
John Bolton, a national secu- joke before in meetings with 1.00 Mexico and
The pair had an at-times rity adviser to Trump during Trudeau during the first term,
rocky relationship during his first presidency, said the re- and played down the idea that 0.75 China
Trump’s first term in the White lationship between the two lingering resentment between
House, and the president-elect men took a hit following a 2018 the leaders will complicate 0.50 Avocados. Tequila.
couldn’t resist getting in a dig Group of Seven industrial na- their continuing relationship. Laptops. Lumber. These
during their recent impromptu tions summit hosted by Canada. “It’s all water off a duck’s 0.25 are some of the com-
meeting over dinner at Mar-a- After leaving the summit, en back,” Butts said. Other Cana- mon items America
Lago, his Florida estate. route to a meeting with North dian officials minimized the 0 buys from Canada, Mex-
Trudeau was complaining Korean leader Kim Jong Un in idea that there is lingering ten- 2002 ’05 ’10 ’15 ’20 ’24* ico and China.
about the impact tariffs would Singapore, Trump watched a sion between the leaders. There are also other,
have on Canada’s economy, ac- press conference during which The Mar-a-Lago dinner came Select imports to the U.S. from Canada in 2023 perhaps less expected
cording to people at the dinner, Trudeau criticized U.S. tariffs together after Trump on Nov. CATEGORY IN BILLIONS SHARE OF U.S.
items: Americans buys a
when Trump interjected. If on Canadian steel and alumi- 25 posted on his Truth Social CATEGORY IMPORTS lot of frozen french fries
Trudeau didn’t like it, he said, num and said Canada would re- platform that he would levy Crude oil for U.S. refining from Canada.
Canada could become America’s taliate. tariffs of 25% on imports of all Small-engine passenger cars If Donald Trump car-
51st state. “Canadians, we’re polite, goods from Mexico and Canada. 59% of ries through on his new
Natural gas
According to a senior Cana- we’re reasonable, but we also Trudeau called Trump after the U.S. oil tariff threats, consum-
dian government official who will not be pushed around,” post and asked for a meeting, Lumber imports ers could see prices rise
was at the dinner, Trudeau and Trudeau said. according to a U.S. official fa- Hybrid passenger cars on lots of basic items
his team took the ribbing in Incensed, Trump fired off a miliar with the events. Trump Bakery products for their everyday lives.
stride, but they were conscious tweet from Air Force One, call- then invited the Canadian Frozen french fries The cost of home con-
of the deeper message: that ing Trudeau “Very dishonest & leader to dine with him at Mar- 0 25 50 75 $100 0 25 50 75 100% struction might go up,
Trump, as always, is America weak.” a-Lago. as the U.S. buys billions
first—and he didn’t much care “Whatever the relationship Trump posted on Truth So- ...from China of dollars of lumber
what happened to Canada’s was before, Trudeau’s press cial that it was a “very produc- Smartphones from Canada that is
economy as a consequence. conference and Trump’s tearing tive meeting” and said the lead- Laptops and tablets 87% of used for such things as
The strained personal con- up the G-7 statement pretty ers discussed topics including Lithium-ion batteries console framing, flooring and
nection between the two men much finished it,” Bolton said. fentanyl, immigration and trade imports building-interior details
Toys
stands to complicate Canada’s “They could be courteous to “that will require both coun- Videogame consoles
including cabinets and
ability to navigate a second one another but there is no tries to work together to ad- furniture.
Connected devices
Trump term. The incoming warmth to that relationship at dress.” On illegal drugs, Trump The U.S. has shifted
president wants to renegotiate all.” said Trudeau “made a commit- Computer parts, accessories away from Chinese im-
a free-trade deal between the The 2018 G-7 summit has be- ment to work with us to end ports. Yet America still
...from Mexico

.
two countries, and has said he come a touchpoint in the lead- this terrible devastation.” buys a tremendous
would levy tariffs of 25% on im- ers’ relationship, as was the Trudeau told reporters that “it

ly
Small-engine passenger cars amount of goods from
ports of all goods from Mexico group’s meeting the following was an excellent conversation” PCs 83% of the country, especially
and Canada. Trump has also year in France. The perceived but didn’t respond to a ques- All fresh vegetables beer smartphones.
demanded that Canada invest attention then-first lady Mela- tion about tariffs. imports In addition to export-
TVs
more in its military and to se-
cure its borders.
Officials from both the U.S.
and Canadian sides described
nia Trump paid to the Canadian
leader set off a wave of internet
memes.
According to officials close
on Trump continued his trolling
of Trudeau this past week,
mentioning the Canadian
leader’s visit during a speech at
Beer
Tequila and mescal
Avocados
ing billions of dollars of
cars and electronics to
the U.S., Mexico plays a
major role in the Ameri-
the back and forth at Mar-a- to Trump, the president de- the Patriot Awards on Fox Na- Tomatoes can grocery cart. The
us ,

Lago, earlier reported by Fox lights in prodding Trudeau. Ca- tion. “As you know, I spoke Raspberries U.S. imports beer, te-
l

News, as joking. But Trump a nadian officials say the jabs and with Canada,” he said. “Justin Strawberries quila and lots of fruits
e
al a

few days later continued to troll insults are typical of the Trum- came flying right in because we and vegetables.
*2024 data through September
Trudeau. He posted on social pian style, and they try not to talked about 25% tariffs. That’s Sources: U.S. Census Bureau (yearly imports by country), Trade Partnership Worldwide —Nate Rattner, Chao
media an AI-generated image of react. just the beginning.”
ci on

analysis of U.S. Census Bureau data (categories) Deng and Alana Pipe
himself standing on a mountain “As most of Trump’s rela- —Andrew Restuccia
range next to a Canadian flag tionships tend to be, it was contributed to this article.

U.S.WATCH
er s
m er

GEORGIA CALIFORNIA
Five People Found Police Motorcycle
Dead in Apartment Crash Injures 10
Five people, including a 1- Ten people were injured
m rp

year-old boy and a 5-year-old after a police traffic officer

girl, were found dead Satur- on a motorcycle crashed into
day in an apartment outside bystanders at a weekend hol-
Atlanta in what police sus- iday parade in Palm Springs,
pect was a murder-suicide. Calif., authorities said.
co Fo

Police were called to the All of the people hurt, in-

apartment just before 7:30 cluding the officer, were
p.m. to do a welfare check. taken to hospitals Saturday
When officers arrived, they night for treatment of inju-
discovered five deceased peo- ries that weren’t life-threat-
ple inside the apartment, ac- ening, according to police.
cording to a statement The crash occurred around
emailed by Lt. Shane Smith 6 p.m. as crowds gathered to
of the DeKalb County Police watch the 32nd annual Palm
Department. All five had gun- Springs Festival of Lights Pa-
STEPHANIE KEITH/GETTY IMAGES

shot wounds. rade that typically draws be-

Police said preliminary in- tween 80,000 and 100,000
formation indicates it was a spectators.
n-

domestic-related murder-sui- “I feel terrible about the ac-

cide. cident and injuries to the very
In addition to the two chil- people we protect,” Palm
dren, a 43-year-old woman, Springs Police Chief Andy Mills
no

32-year-old man, and 26- said on Facebook. City officials

ALL ABOARD: People wearing period clothing participated in the annual vintage subway train ride Sunday in New York City. year-old woman were found said the California Highway
The Holiday Nostalgia Rides, hosted by the New York Transit Museum, put into operation 1930 R1/9 train cars between dead. Patrol is investigating.
Second Avenue and Houston Street on the uptown F line, and 96th Street and Second Avenue on the Q line. —Associated Press —Associated Press

S&P 500 rates again. Friday’s jobs re-

port suggested the labor mar-
ket remains healthy.
at a 52-week high since the
end of October. It would now
take erasing the gains of the
chief investment officer at Los
Angeles Capital Management.
“I’d say the only surprise is
WSJ Dollar Index, year to date sort of petered out, drawing
down a lot of their savings…it
gets hard for me to see those

On Pace One reason for optimism top 171 stocks in the S&P 500, that it’s taken so long to oc- 101 higher price targets,” said Lo-
heading into next year? More including Nvidia and Apple, to cur.” gan Moulton, senior portfolio
stocks are joining the rally. negate the index’s total return Much of the stock market’s 100 manager at Intelligent Wealth

For Big Rise Traders are bidding up eco-

nomically sensitive stocks that
lagged behind the wider mar-
this year, according to S&P
Dow Jones Indices data as of
Wednesday.
gains in the first half were
driven by the Magnificent
Seven group of big tech
99
Solutions.
But investors say they are
still hunting for pockets of
ket during the first half of the Traders typically take a stocks—Alphabet, Ama- 98
value in a market inundated
Continued from Page One year. The small-cap focused more inclusive rally as a sign zon.com, Apple, Meta Plat- with expensive stocks. Jimmy
price pressures are continuing Russell 2000 index is within that it has legs, because the forms, Microsoft, Nvidia and Lee, chief executive of Wealth
to ease. That report will be one striking distance of its first re- market is less vulnerable to a Tesla—that have been pro- 97 Consulting Group, added to his
of the final readings on the cord close in three years, and downturn if a few sectors pelled higher by artificial-intel- firm’s position in small-caps
state of the economy before its November gains nearly dou- stumble. ligence fervor. 96 and other sectors that are less
the Federal Reserve’s Decem- bled those of the S&P 500. “I don’t think there’s any Those stocks, seen as safety expensive than megacap tech
ber meeting, where the central More than 220 stocks in the surprise about the broaden- picks for their massive balance 95 stocks.
bank is expected to cut interest benchmark index have closed ing,” said Hal Reynolds, co- sheets, hopped back into the Jan. 2024 Dec. The S&P 500 is trading at
driver’s seat of the market last 22 times its expected earnings
week, when investors con- Source: Dow Jones Market Data over the next 12 months, above
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  tended with political chaos in
France and South Korea. A A potentially stronger dollar
its five-year average of 20. The
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(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
Editorial and publication headquarters:
AMPLIFICATIONS batch of better-than-expected
earnings from Salesforce, Okta
during the Trump administra-
tion could also weigh on the
sector, which houses Nvidia
and Apple, was recently trad-
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THE WALL STREET JOURNAL. * * * * Monday, December 9, 2024 | A3

U.S. NEWS

Musk Pushes Drones Over Jet Fighters

Trump’s team will singling out jet fighters as
weapons that may be obsolete.
have to decide on SpaceX Stands to Benefit Since 2021, venture capital-
what the future is ists have invested more than
SpaceX stands to gain jet fighters. $130 billion in startups build-
for piloted aircraft potentially millions of dol- Meanwhile, the F-35 ing new technology for the
lars from an expansion of program is still plagued military—a large portion going
The U.S. Air Force is leaving its Starshield constellation, with delays, cost overruns to autonomous drones and the
a decision on the future of the a militarized version of its and design and software software that powers them. In
next jet fighter to the incoming Starlink internet satellites challenges more than 20 the past month or two, there
Trump administration, a move that is designed to sup- years after Lockheed Mar- has been a surge of startup
port, among other things, tin was picked to develop founders building AI systems
By Lara Seligman, drone communications. the plane. But the program for the Defense Department
Heather Somerville Elon Musk also has close would be difficult, if not and seeking venture capital to
NATHAN HOWARD/REUTERS

and Gordon Lubold ties to defense-tech start- impossible, to cancel given fund their product, investors
ups including Anduril, international orders and said, fueled in part by the rhet-
that comes shortly after bil- which is building the very partnerships, and support oric that autonomous aircraft
lionaire Elon Musk called for autonomous drones he is from lawmakers whose could become a staple in the
pursuing drones over piloted publicly pushing to replace districts benefit. Pentagon.
combat aircraft. These startups are compet-
The Air Force is still build- An Anduril unmanned aircraft was viewed earlier this year. ing with costly jet fighters,
ing F-35 stealth jet fighters, a built by prime defense contrac-
program whose total costs are age of drones.” In another mous space vehicles. But his be on the Tesla?” fluence of tech leaders, like tors like Lockheed, for Penta-
expected to exceed $2 trillion post, he claimed “a reusable renewed push to kill piloted Musk didn’t respond to re- Musk, whose company stands gon dollars.
over several decades. At the drone” can do everything a jet planes like the F-35 has taken quest for comment. to benefit from shifts in mili- With the F-35 already well
same time, the service is push- fighter can do “without all the on new significance in light of Wickert said he has flown tary spending. into production, Musk and his
ing forward with a combat overhead of a pilot.” his influence with the incom- planes with AI capabilities to Musk spent more than $200 Silicon Valley associates may
drone system, as well as a Other Trump allies followed ing president. augment the pilot’s role, “and million to help Trump clinch a set their sights on an easier
next-generation crewed suit. Former Rep. Matt Gaetz The Air Force has long re- it is mind-boggling how good it second term, and since the target: the Air Force’s idea for
fighter. of Florida, who withdrew as sisted efforts to move away is.” But these are incremental election has served as an unof- a new jet fighter called Next
Last Thursday, the Air Force Trump’s nominee to be attor- completely from piloted air- changes, he said, not Musk’s ficial adviser to the president- Generation Air Dominance. The
said it would delay a decision, ney general amid allegations of craft. Asked about Musk’s re- approach, which he describes elect. Musk is also expected to aircraft is planned to replace
originally set for year-end, on sexual misconduct, responded cent comments, a senior Air as, “We want Rome built in co-chair Trump’s new Depart- the stealthy F-22—another
which company would build to Musk’s post calling the F-35 Force officer who oversees seven days.” ment of Government Efficiency Lockheed aircraft—and fly
the new jet fighter, meaning it a “failed platform.” flight testing, including of the A decision on whether and alongside former presidential alongside the F-35.
will fall to the new administra- “We should move away im- F-35, said that moving fully to how the Air Force moves for- candidate Vivek Ramaswamy, Meanwhile, the Air Force is
tion to decide whether and mediately toward drones,” drones is impossible for the ward with a piloted jet fighter another drone advocate. also pushing forward with a
how to go forward with a added Gaetz, who also is foreseeable future. could determine a contract “If you want to make real new drone program called Col-
crewed aircraft. brother-in-law to the head of “There may be some day worth potentially billions of improvements to the defense laborative Combat Aircraft to
Musk, who has long advo- defense-tech company Anduril when we can completely rely dollars. It has major implica- and security of the United build roughly 1,000 unmanned
cated for drones, took aim at Industries, Palmer Luckey. on roboticized warfare but we tions for traditional defense States of America, we would be aircraft to fly alongside

.
manned jet fighters generally Musk’s comments aren’t are a century away,” Brig. Gen. contractors like Lockheed Mar- investing more in drones, we’d manned jet fighters like the
and Lockheed Martin’s F-35 in surprising given his steward- Doug Wickert said Wednesday tin as well as Silicon Valley be investing more in hyper- F-35 and NGAD. Anduril and

ly
particular in a post last month ship of Tesla, a pioneer of self- at Edwards Air Force Base. startups eager to break into sonic missiles,” Ramaswamy General Atomics are currently
on X, writing that “manned driving car technology, and “How long have we thought the military market. It also said Wednesday at the Aspen building prototypes for the
fighter jets are obsolete in the SpaceX, which builds autono- full self-driving was going to raises questions about the in- Security Forum in Washington, program.
on
Search in CEO Case
us ,
l

Confronts a Hurdle:
e
al a

Sympathy for Killer

ci on

BY JOSHUA CHAFFIN was both a hindrance to the

er s

AND GINGER ADAMS OTIS manhunt and baffling.

“I’ve been watching it, and
m er

As they search for the man I’ve been shocked by it,” Davis FROM TOP: NATALIE KEYSSAR FOR WSJ, JODI GECHTMAN

who assassinated a top health- said Sunday. “It’s actually

insurance executive New York troubling to see it, and I really
City last week, authorities are am surprised that people are
contending with an unantici- reacting that way considering
m rp

pated challenge: an outpour- the tragic loss here and the vi-
ing of popular sympathy for olence of what happened.”
the killer. Davis, who now has a secu-
From online forums and so- rity-consulting firm, said the
cial media to the streets of public’s reluctance to assist
co Fo

Manhattan, some people have police would deprive investi-

been celebrating the suspect gators of a vital resource in a
in the shooting of United- search that has stretched be-
Healthcare CEO Brian Thomp- yond New York City.
son as a quasi-folk hero who “It’s a huge problem. Peo-

Adult Siblings Turn Into Roommates

struck a blow against the na- ple’s lack of sympathy is really
tion’s much-reviled for-profit troubling. And the problem
healthcare system. with that is, the people who
In most instances, they have this kind of animosity,

To Unlock a Tough Housing Market

were rooting for the killer to simply because of the circum-
evade capture and defending stances, may not be prone to
his actions—or remarking on help—and the police are really
his good looks. But in some looking for help from the pub-
n-

cases, expressions of support lic on this,” Davis said.

have crossed over into calls to Many of the online com- BY KAILYN RHONE grapes the next. They don’t
stymie a police manhunt that, ments in support of the sus- share groceries—only condi-
on Sunday, entered its fifth pect have been tinged with Grant Gechtman had a di- ments.
no

day with the suspect yet to be class anger and anti-corporate lemma. “Our mom said before we
named. venom. Among them was a He was preparing to meet a moved in we have to operate
On the social-media plat- post on the Reddit site “Off date at his place when he real- like we’re not siblings,” said
form X, for example, several My Chest,” which has 3.3 mil- ized he hadn’t mentioned Ben, a 26-year-old publicist. “I
people suggested flooding the lion members and bills itself something important: He has feel like we make an effort.”
police with fake tips or dress- as a community where one an identical twin brother, Dy- They enjoy having their
ing like the killer to confuse can disclose their deepest lan, who lives with him. grandparents just a few min-
law enforcement. In New thoughts. Grant and Dylan Gechtman, utes away. Other family is
York’s Washington Square “Kinda hope they never 25, share a rented three-bed- close by as well. Their other
Park, a group held a look-alike catch the UnitedHealthCare room home in Fremont, Calif. brother, Jason, lives in a two-
contest on Saturday. CEO killer,” a poster wrote on They do almost everything bedroom apartment in Boston
Meanwhile, some online Saturday, adding that the rich else together too. They work with his girlfriend.
sleuths who have made a “almost never get their due,” as senior associate scientists Twins Grant, left, and Dylan Gechtman rent a three-bedroom
habit in recent years of band- and adding: “Hell I’ll go as far at the same pharmaceutical home, along with a college friend, in Fremont, Calif. At top,
ing together in informal pos- as to say maybe people should company, share a Mazda CX-5, brother and sister Ben and Allison Karlin rent an apartment ‘Golden Girls’
ses to try to solve crimes are go and flood the cops and and even joined the same Jew- together on Manhattan’s Upper East Side. The pandemic sparked a
withholding their services. (now) the FBI’s hotlines with ish fraternity in college. big run-up in home prices, and
“I don’t have to encourage fake info, troll pics, the like.” By They have another room- from about 1.3% in 2012. Rooming with a brother or mortgage rates remain high
violence. I don’t have to con- Sunday evening, the post had mate, college friend Vedant There are also about 1.9 mil- sister can come with chal- even though the Federal Re-
done violence by any means. garnered more than 2,200 com- Vaidya—whom their co-work- lion adults ages 18 to 29 living lenges. Just because two peo- serve has started cutting its
But I also don’t have to help,” ments, heavily in agreement. ers sometimes call the “third with a sibling. That works out ple were raised the same way benchmark interest rate. That
wrote @thatdaneshguy, who “Ditto, wonder if this is a twin”—but they don’t view it to about 3.6% of that cohort. doesn’t mean they have the has made the idea of buying a
has two million followers on new trend. Modern day Maria as a permanent situation. “Often when young adults same views about cleaning, home with friends or family
TikTok, where he bills himself Antoinette, let them eat cake “We definitely don’t want talk about moving back in with privacy or dating. And it is a members a lot more enticing
as capable of finding anybody. attitudes of the CEOs, Govern- to live in a big house with their parents, there’s a sense lot harder to kick a roomie off for many Americans.
To Ed Davis, a former Bos- ment, etc.,” came one reply. both of our wives and stuff of defeat,” said Krista the lease when you are blood Sisters Cheryl Sutton and
ton police commissioner, the “Time to watch it collapse and like that,” said Dylan. Westrick-Payne, the center’s relatives. Sandra Sutton recently bought
public reaction to the murder burn down.” assistant director. “Moving in But there are perks. The a five-bedroom home in Port-
with a sibling…may feel less person in the other room al- land, Ore., with their best
More common like a failure.” ready knows your life story; friend. They were ready to leave
More adults have moved in Bowling Green’s analysis no need to explain it. And lots California and wanted more
with their siblings in recent didn’t include those in their of sibmates said it was easier space for their three dogs.
years, a reflection of how it is 30s or 40s. to get over a fight with a sib- They knew it would work
becoming harder and more ex- Sherry Campbell, a certified ling than with a friend—per- because they all have been liv-
pensive to buy a home or make financial planner, has noticed a haps because of the years of ing together for the past 25
the rent. With Americans liv- small yet significant rise in cli- experience. years, leveraging each move
ing longer and having fewer ents seeking guidance on man- “Obviously you know what into an upgrade. Each year,
children—and divorcing late in aging finances while owning a you’re getting into,” said Ben they travel somewhere new
life—siblings can be the clos- home with siblings. Most of Karlin, who recently moved together. Next year, they’re
est people left for support. her clients are women over 50, into the rented two-bedroom going to Scotland. They call
There are about 1.1 million looking for emotional and fi- apartment of his triplet sister, themselves the modern-day
adults ages 50 and older living nancial support to get through Allison Karlin. “We kind of Golden Girls.
with a sibling, according to an a divorce. had a test run for 18 years.” “At this point, anybody that
analysis of Census Bureau data “Men will a lot of times re- Ben and Allison have been gets married, they’re gonna
by Bowling Green State Uni- marry, and women will not re- living together in New York have to just take the other two
versity’s National Center for marry,” Campbell said. “So City since September. Their as well,” said Sandra, a 52-
NYPD

Family & Marriage Research. that causes them to search for fridge is small, so Ben is care- year-old talent coordinator for
An image of a person of interest in the shooting of United- That represents about 1.6% of other ways to have that second ful about what he buys, pick- a tech company. “There’s no
Healthcare CEO Brian Thompson that the NYPD released. that age group in 2022, up income.” ing up apples one trip and plans to not live together.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Monday, December 9, 2024 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X THE WALL STREET JOURNAL.

U.S. NEWS

Biden Eases Off Stage, Irking Democrats

Well before Trump Trump is already dictating group Justice Democrats, who an admonishment: “There’s When Trump visited the dane duties in Washington.
trade and immigration policy says the consequence is that one president at a time.” White House after defeating Democrats on Capitol Hill have
takes office, foreign and has moved rapidly to re- Trump has grabbed the pub- Obama also held a formal Vice President Kamala Harris, done little to shape voters’
leaders are already make the U.S. government. He lic’s attention uncontested. White House press conference Biden greeted him personally views of the incoming admin-
doesn’t take office for six After Trump’s promise to after the election, which Biden with a polite “welcome back.” istration. The campaign of
taking cues from him weeks, but many people who raise tariffs put U.S. neighbors so far hasn’t done. The cordiality was intended to Rep. Adam Schiff of California,
had been his fiercest critics in on edge, he dined with Cana- To some Democrats, Biden show the Democrats’ commit- newly elected to the Senate,
BY AARON ZITNER Washington—and the White dian Prime Minister Justin is forfeiting the transition pe- ment to continuity of govern- last week circulated a newspa-
AND KEN THOMAS House—have mostly stood Trudeau at Mar-a-Lago and riod. They say the vacuum is ment and democratic norms. per story headlined: “Sen.-
aside. started diplomacy with Mex- emblematic of one of the big- Some Democrats hoped he elect Adam Schiff doesn’t
The American tradition is A number of Democrats are ico’s president, Claudia Shein- gest problems the party must would use the moment to want to talk about Trump. He
that the nation has only one perturbed that Biden and baum. Trump has named his face—its inability to drive a make a public point of urging wants to talk about the econ-
president at a time. Right party leaders, after spending intended cabinet and senior consistent, clear message to Trump to respect the indepen- omy.”
now, that president looks like years casting Trump as a staff with unusual speed, voters who increasingly get dence of the Justice Depart- A White House spokesman,
Donald Trump—because Presi- threat to democracy, have left dominating the news environ- news from social media—as it ment and other institutions. Andrew Bates, noted that the
dent Biden is ceding the spot- a communications and policy ment and forc- lays plans for “Most voters don’t know president had traveled re-
light. vacuum during the transition ing lawmakers revival after its Kash Patel or even who Matt cently to Africa and South
While Biden remained in period. These critics believe to react to sev- defeat in the Gaetz or Tulsi Gabbard are,” America to strengthen inter-
Washington, it was the presi- top Democrats have bypassed eral picks at Trump is presidential said Waleed Shahid, a pro- national relationships and that
dent-elect who met on Satur- chances to make the case once. Some of already race and loss of gressive Democratic strategist, the Senate continues to con-
day in Paris with French Pres- against nominations by the those choices its Senate ma- referring to Trump’s choices firm Biden’s judicial nominees.
ident Emmanuel Macron and president-elect that they see have prompted dictating trade jority. to lead the FBI and the U.S. “President Biden is making ev-
Ukrainian leader Volodymyr as instruments of his prom- even Republi- Biden par- spy agencies and the failed ef- ery day of this term count as
Zelensky, who is lobbying ised “retribution.” cans to flinch.
and immigration doned his son, fort to install Gaetz as attor- he accelerates the implemen-
Trump to continue wartime “We should be less hobbled B i d e n ’s policy. Hunter—then ney general. “But many more tation of an unprecedented
aid. and more spurred. We should muted presence left for a trip to Americans would know, if agenda that will benefit hard-
At the time they met, Da- be vocal, pushing back against is a contrast to Africa rather President Biden spoke about working Americans for gener-
mascus was falling to rebels in these nominees who are noth- how President than pressing them…The only way to win the ations,” he said.
Syria. While Trump briefly ing but a disaster in the mak- Barack Obama handled his party’s case in person that war of attention is by going to There are signs that voters
spoke to reporters about ing,” said Washington’s Demo- Trump’s first election victory Trump is presenting a broad the voters and explaining have formed a warm impres-
Ukraine and posted online cratic Gov. Jay Inslee. in 2016. When Trump, as pres- threat to the justice system things to them, which Presi- sion of Trump’s early moves.
about U.S. interests in Syria— The Democrats’ progressive ident-elect, called on the ad- that imperils not just the dent Biden has consistently A CBS/YouGov poll in late No-
saying “this is not our fight”— wing has responded to the ad- ministration to veto a United president’s son but a range of avoided doing.” vember found that 59% of vot-
Biden didn’t make a public ap- ministration’s retreat with Nations Security Council reso- civil servants and Trump’s Harris vowed in her post- ers approve of his handling of
pearance on Saturday and fury: “This is one of the lam- lution criticizing the expan- perceived enemies. (Biden election concession speech to the transition so far. But other
waited until Sunday to com- est of lame ducks we’ve seen sion of Israeli settlements, didn’t hold a press conference continue “the fight that fueled surveys show that many vot-
ment on Syria. The fragility of with a Democratic administra- Obama brushed off the pres- during his Africa trip, even this campaign,” but she has ers don’t have firm opinions of
these two regions in the world tion. A massive missed oppor- sure and allowed the measure though U.S. presidents often essentially been silent since many of the nominees, sug-
has many leaders and busi- tunity,” said Usamah Andrabi, to pass, while his deputy na- do hold such briefings during then, vacationing in Hawaii gesting there is room for Dem-
nesses on edge. spokesman for the progressive tional-security adviser offered visits abroad.) and returning to more mun- ocrats to shape impressions.

.
Pick Touts Hamm, have set no emissions- to the planet,” he told PragerU. carbons—and highlighting that

ly
reduction goals. Hamm, a Scientists see a temperature they are “overwhelmingly posi-
Trump adviser who encouraged rise of 1.5 degrees Celsius over tive” for humanity.

Warming’s him to select Wright, has de-

scribed climate science as “un-
proven theories.”
on several decades as creating po-
tentially irreversible changes
for the planet, with profound
Wright wrote a 180-page
corporate paper that delves
into the history of energy and

Benefits Wright would be tasked

with safeguarding the coun-
try’s nuclear arsenal and di-
implications for health, food se-
curity and water management.
Earth’s average temperature is
climate change. The report re-
lies on figures drawn from the
United Nations International
us ,

recting federal research on en- expected to pass the mark this Panel on Climate Change’s re-
l

Continued from Page One ergy technologies. The Energy calendar year. ports as well as from fossil-fuel
e
al a

pull the U.S. from the Paris cli- Department also approves ex- consultants, among other
mate pact. ports of liquefied natural gas, sources.
Wright has said “there is no and Wright is almost certain to Promoting his views The CEO argues there are
ci on

climate crisis,” and that the speed up permits for new ter- Wright, a self-described positive changes associated
Paris agreement empowers minals. nerd who studied at the Massa- with climate change.
“political actors with anti-fos- President Biden made the chusetts Institute of Technol- Wright cites the fact that
sil-fuel agendas.” DOE a linchpin of his strategy ogy, has engaged with climate- the Earth is getting greener as
A Trump-Vance transition to combat climate change, change data in a way few more carbon dioxide lingers in
er s

official said Wright “intends to pouring billions of dollars into energy CEOs have. He has the atmosphere, boosting
deliver on President Trump’s the deployment of green en- taken to Fox News to promote plants’ photosynthesis. Climate
m er

pledge to unleash affordable ergy. Wright has been critical his views on fossil fuels and scientists say lusher vegetation
and reliable American energy of subsidies to wind and solar become a regular on the con- has helped mitigate climate
to power homes, businesses, energy, favoring instead the de- servative speaking circuit. change by cooling the land, but
cars and factories, and secure velopment of geothermal and “A general approach in our that the cooling effect is lim-
energy independence.” nuclear energy. industry has been to, you know, ited compared with the rate of
m rp

Climate deniers and skeptics lay low, and too often, I think, global warming.
also surrounded Trump in his say what people want to hear,” More available carbon diox-
Decades of denial first term. Since then, the he told The Wall Street Journal ide has led to more-productive
Many in the fossil-fuels in- world has seen a number of ex- last year. crops, Wright says. Scientists
dustry denied for decades that treme weather events, which Wright has engaged with argue the long-term impact of
co Fo

burning hydrocarbons heated many scientists say are fueled and promoted controversial cli- global warming on agriculture
THEO STROOMER FOR WSJ

the planet, and companies such in part by rising temperatures. mate thinkers. They include will be mixed, with some farm-
as Exxon played down the se- Wealthy countries including Steven Koonin, a physicist who ers benefiting from longer,
verity of climate change. In re- the U.S. recently agreed to tri- served at the DOE under Presi- warmer growing seasons. But
cent years, however, some of ple the financing they provide dent Barack Obama and who new weather patterns could
these firms have changed their for climate-change projects in says the impact of mankind on upend today’s key food-produc-
rhetoric. They have committed the developing world to at climate change is too uncertain ing regions.
billions of dollars to low-car- least $300 billion a year by Chris Wright posed in his office in February 2023. to warrant radical climate ac- Wright also argues that
bon ventures and set goals to 2035. tion; and Alex Epstein, a phi- global warming probably re-
be carbon-neutral across their From his CEO perch at oil- world’s poorest to improve of climate change. losopher pushing for using duces modestly the number of
own operations by 2050. field services company Liberty their lives by burning oil and “A little bit warmer isn’t a more fossil fuels. annual deaths related to ex-
But smaller, private drillers Energy, Wright has said fight- gas. The benefits of cheap and threat. If we were 5, 7, 8, 10 de- In an interview, Epstein treme temperatures. Recent es-
such as Continental Resources, ing climate change is less im- reliable energy, he argues, grees [Celsius] warmer, that credited Wright with laying out timates from health research-
n-

founded by billionaire Harold portant than allowing the more than outweigh the costs would be meaningful changes the effects of producing hydro- ers suggest otherwise.
no

Experience a city full of flavors

and cultures. A city where you
can be yourself and belong to
something bigger.

When you’re in Houston,

you’re one of us.

VisitHouston.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, December 9, 2024 | A5

U.S. NEWS

Trump Set to Target

‘Birthright’ Citizens
Many scholars, civil- elect’s campaign had said. migrants’ Rights Project.
But the requirement that at “They just can’t do that con-
rights groups say an least one parent be a U.S. citi- sistent with the constitution.

ALEX KENT/AGENCE FRANCE-PRESSE/GETTY IMAGES

executive order can’t zen or legal permanent resi- “Litigation is definitely go-
dent would also affect chil- ing to follow,” he added.
change current law dren born to parents who The Supreme Court af-
immigrated legally through vi- firmed birthright citizenship
BY TARINI PARTI sas, excluding them from au- in its 1898 ruling in U.S. v.
AND MICHELLE HACKMAN tomatic citizenship. Wong Kim Ark. But critics of
“The new piece of it is them automatic citizenship argue
President-elect Donald talking publicly about the Trump’s proposed citizenship
Trump’s transition team is mechanism they might try to restrictions would be different
drafting several versions of use to operationalize this un- from that case, which involved
his long-promised executive constitutional plan,” said Omar a child born to Chinese par-
order to curtail automatic citi- Jadwat, director of the Ameri- ents who were legal perma-
zenship for anyone born in the can Civil Liberties Union’s Im- nent residents in the U.S. People passed the Statue of Liberty on their way to a naturalization ceremony in 2022.
U.S., according to people fa-
miliar with the matter, as his
aides prepare for an expanded
legal fight.
Trump, who has railed
against so-called birthright
citizenship for years, said dur-
ing his first term that he was
planning an executive order
that would outright ban it.
Such an order was never
signed, but the issue remained
a focus of Trump’s immigra-
tion proposals during his re-
election campaign. He has said
he would tackle the issue in
an executive order.
Weeks before he takes of-
fice, Trump’s transition team
is now considering how far to
push the scope of such an or-

.
der, knowing it would almost
immediately be challenged in

ly
court, according to a transi-
tion official and others famil-
iar with the matter. The even-
tual order is expected to focus
on changing the requirements
for documents issued by fed-
eral agencies that verify citi-
on
zenship, such as a passport.
us ,
l

Tourist visas
e
al a

Through an executive order

or the agency rule-making
ci on

process, Trump is also ex-

pected to take steps to deter
what Trump allies call “birth
tourism,” in which pregnant
women travel to the U.S. to
er s

have children, who receive the

benefit of citizenship. One op-
m er

tion on the table is to tighten

the criteria to qualify for a
tourist visa, according to peo-
ple familiar with the Trump
team’s thinking.
m rp

Karoline Leavitt, a spokes-

woman for the Trump transi-
tion, said the president-elect
“will use every lever of power
to deliver on his promises, and
co Fo

fix our broken immigration

system once and for all.”
Some on the right have
backed Trump’s plans and ar-
gued that birthright citizen-
ship is a misinterpretation of
the 14th amendment, which
dates to the 19th century and
in part granted full citizenship
to former slaves. They have
also criticized birth tourism.
Companies in China have at-
tracted attention for advertis-
n-

ing such services, and airlines

in Asia even started turning
away some pregnant passen-
gers they suspected of travel-
no

ing to give birth.

“Because you happen to be
in this country when your child
is born, is not a reason for that
child to be a U.S. citizen. It’s
just silly, and the reliance on it
in law is utterly misplaced,”
said Ken Cuccinelli, a senior
fellow at the Center for Renew-
ing America, a pro-Trump
think tank, who previously
served as deputy secretary of

SHELF-READY
Homeland Security.
Many constitutional schol-
ars and civil-rights groups
have said a change to birth-
right citizenship can’t be done
through executive action and
would require amending the
Constitution—a rare and diffi-

BOXES
cult process. The most recent
amendment was ratified in
1992, more than 200 years af-
ter it was first proposed.

‘Day one’
Trump on the campaign
trail offered more details on
what executive action related
to birthright citizenship could
include compared with his
first term, a change that some
backers took as an indication
that he is more willing to act.
Trump said he would sign a
“day one” executive order di-
recting federal agencies to re-
quire a child to have at least
one parent be either a U.S. cit-
izen or legal permanent resi-
dent to automatically become
a U.S. citizen. It would also
stop agencies from issuing
passports, Social Security
PRATT.COM
numbers and other welfare
benefits to children who don’t
meet the new requirement for
citizenship, the president-
A6 | Monday, December 9, 2024 * ***** THE WALL STREET JOURNAL.

WORLD NEWS
Mideast Faces a Shift in Balance of Power
Turkey gains, Russia further into Syria along the

and Iran lose sway,

Golan Heights this weekend,
has scored a strategic achieve-
Hope Grows
and Syrians hope to ment with the breakup of the For Journalist
Iranian-led “axis of resistance,”
avert more fighting its most formidable foe. President Biden said
Israeli officials, however, the U.S. believes Austin
BY YAROSLAV TROFIMOV are also concerned about the Tice, the journalist kid-
rise of a Turkey-backed Sunni napped in Syria more
DOHA, Qatar—The struggle Islamist state on its borders— than 12 years ago, is
to depose Bashar al-Assad’s a state that may try to reclaim alive and that “we think
regime took more than 13 the Golan Heights, which Is- we can get him back.”
years, causing untold death rael seized in 1967, and that “We remain commit-
and destruction, because out- could ally itself with Hamas, ted to returning him to
side powers turned Syria into the Palestinian militant group. his family,” he said of
HUSSEIN MALLA/ASSOCIATED PRESS

a proxy battlefield for their The leader of HTS, Ahmed Tice, who disappeared
own ambitions. al-Sharaa, descends from Syri- in Syria while reporting
When Assad’s government ans who escaped the Israeli oc- on the country’s civil
finally fell on Sunday morn- cupation of the Golan, which war. In response to
ing, after a lightning cam- explains the nom de guerre shouted questions after
paign that took his friends Abu Mohammed al-Jawlani. his remarks Sunday on
and foes by surprise, it was The rebel commander, who re- the toppling of Bashar
toppled by the Syrians them- turned to Damascus Sunday, al-Assad, Biden said the
selves—as the regime’s main A military court in Damascus was set on fire by rebels when they entered the city on Sunday. has said that he first embraced U.S. still needs to locate
benefactors were enfeebled, Islamist politics during the the missing American
and distracted, by mayhem politician. “But it is the Syri- which has focused its energy “Turkey has the means.” second Palestinian intifada journalist, but indicated
elsewhere. ans that will play a big role mostly on battles with Syrian Turkey’s Foreign Minister that began in 2000. he was hopeful.
The outcome of this tec- now, not like before. All will Kurds in recent weeks, with Hakan Fidan said Sunday that Iraq has somewhat similar Last week, Debra
tonic shift is bound to have a have to listen to our voice and clashes continuing Sunday. preserving Syria’s unity and ter- concerns, with officials there Tice was in Washing-
profound impact on the Mid- to our decisions.” Turkey has also provided tacit ritorial integrity is Ankara’s key worried that the events in ton—along with 16 other
dle East, and on the global Iran, whose embassy in Da- backing to the most formida- objective, as is the fight against Syria could trigger a renewed family members—to ad-
balance of power. mascus was looted immediately ble Syrian rebel force, Hayat the “terrorists” in the Kurdish- Sunni insurgency at home. vocate for the release of
Much will depend on how after the rebel takeover, has Tahrir al-Sham, or HTS. controlled areas of Syria. Jawlani, after all, first picked her son.
orderly the transition to a new lost its major ally in the “axis Labeled a terrorist organiza- Persian Gulf monarchies up a gun as a Sunni Islamist During a press con-
rebel-led administration will of resistance” and the vital tion by the U.S. because of its such as Saudi Arabia and Qa- insurgent in Shiite-majority ference then, she said
be, and to what extent the ri- land connection to its Hezbol- past links with al Qaeda, HTS tar are also working on how to Iraq in 2003. the family has learned
val Syrian factions—including lah proxy militia in Lebanon. led the rebel offensive that make sure that the downfall of The U.S. remained on the “from a significant
the Kurdish and Alawite mi- Russia has also suffered a seized the cities of Aleppo, Assad doesn’t trigger a new sidelines as the collapse of the source that has already
norities—will be able to avoid humiliating blow, with new un- Hama and Homs before Sun- wave of unrest against the re- Assad regime unfolded. been vetted all over our
further conflict. certainty surrounding the fu- day’s fall of Damascus. gion’s rulers, and a resurgence On Russian social media, government: Austin Tice

.
Winners and losers have al- ture of its crucial naval and air “Turkey has the main re- of extremist movements such the fall of Damascus was is alive.”
ready emerged, though these bases on the Mediterranean. sponsibility to ensure that as Islamic State, that followed treated as a geopolitical catas-

ly
“We are reaching out
gains and losses could prove Turkey, for now, is ascen- what comes out of this is the 2011 Arab Spring. trophe, with hyper-nationalist to all contacts in gov-
illusory in a country as trau- dant. With Assad gone, An- greater stability and refugee “We don’t want what hap- ideologue Alexander Dugin de- ernment and the region.
matized, and as thoroughly kara will clearly exert much returns, and a new Syria, pened in other nations post the scribing it as a “tragic event.” We encourage everyone
steeped in violence, as Syria.
“We see a huge change in
the region. Turkey has become
stronger, Russia has become
greater authority over its
southern neighbor, and the
entire Levant, a boost to Pres-
ident Recep Tayyip Erdogan’s
on
rather than a whole new civil
war and a redrawing of the
lines on the map between Ar-
abs, Kurds and other fac-
Arab Spring to happen in Syria.
We would love to see a transi-
tion to a viable state that pro-
vides for the people,” said Ma-
For now, the Syrian rebels
are treating Russia in a differ-
ent category from Iran. While
rebels gleefully ransacked the
to help us in our search
for Austin,” the Tice
family said Sunday.
—Michelle Hackman
weaker, Iran has become neo-Ottoman aspirations. tions,” said Charles Lister, di- jed al-Ansari, a senior adviser embassy of Iran in Damascus, and Nancy A. Youssef
us ,

weak,” said Badr Jamous, a Turkey openly supports the rector of the Syria program at to Qatar’s prime minister. the Russian mission was
l

leading anti-Assad opposition Syrian National Army militia, the Middle East Institute. Israel, which moved troops spared.
e
al a

Assad Flees said Abdulkafi Alhamdo, an

ci on

English teacher from Aleppo

who recently returned to the

As Rebels city after leaving it in 2016.

As the rebels closed in on
Homs, Syrian security agents
er s

Claim Win set documents on fire on the

roof of the main intelligence
m er

branch before vacating it, said

Rim Turkmani, whose friends
Continued from Page One in the city witnessed the ac-
his family political asylum. tivity from their balconies.
Russia’s foreign ministry said Syrian rebels released hun-
m rp

on Sunday that Assad stepped dreds of detainees from a

down and that Moscow is in prison dubbed the “human
contact with Syrian rebel slaughterhouse” after seizing
groups. the facility on their march to
As the events rapidly un- the capital. As many as 13,000
co Fo

folded, Israel on Sunday said people were executed in the

it deployed its military to notorious Saydnaya prison in
seize the buffer zone between the first six years after the
Israel and Syria in the Golan uprising in 2011, according to
Heights, saying the move was Amnesty International. Many
needed to defend its bor- others were killed after being
der. The Israel Defense Forces repeatedly tortured and sys-
then issued an unusual warn- tematically deprived of food,
ing to residents of villages and water and medicine.
OMAR SANADIKI/ASSOCIATED PRESS

towns inside southern Syria, Earlier in the capital, the

telling them not to leave their streets were nearly deserted
homes until further notice. and supermarket shelves were
“The fighting inside your empty, one resident said. Ter-
n-

area is forcing the IDF to act rified regime supporters fled

and we do not intend to harm toward the coastal areas in ve-
you,” an Israeli Arab-language hicles crammed with their be-
military spokesman said in a longings. Occasional explo-
no

post on X. Syrian opposition fighters celebrated as they rode into Damascus on Sunday. ‘We are finally a free country,’ one man exulted. sions could be heard from the
The government had sur- city’s outskirts.
vived more than a decade of delivered” with American sup- Rebel groups claim
c to hav
have captured Damascus. Assad had said he would Protests against the Assad
civil war and economic crisis, port. Factions in Sy
yria
Syria address the nation on Satur- regime kicked off with the
but its forces caved under the But Biden said this was a day, but the speech never oc- Arab Spring in 2011 and grew
pressure of the fast-moving moment full of “risk and uncer- Rebels Kurds curred. People close to the into an outright civil war, with
Areas
Areas under
u Turkish
Turrkish control
advances by various rebel tainty,” and vowed to help the Government Syrian government were hid- multiple parties fighting for
groups closing in from the Syrian people as they decide and allies ing from the fighting in Da- control of sections of the
north, south and east. how to govern themselves after (Russia, Iran) mascus as rebels rolled country. Iran and Russia in
Allleppoo
Aleppo
A
The fighting was the latest Assad. The U.S. plans to pro- Raqqa through the capital, said an of- 2015 helped Assad crush the
Idlib
d b
dramatic turn in a series of vide humanitarian assistance ficial close to the Assad family. uprising with air power and
interlinked conflicts that have to rebuild Syria, said Biden, LLatakia
atakkia “It is chaos. We are all un- proxy forces.
roiled the Middle East for who leaves office in January. Deir Ezzour
D Ezzourr der the tables,” he said. Both signaled to the Syrian
more than a year—stretching Biden also said the U.S. Khhmei
Khmeimim
K eiimim
eimimm Hama
Ham leader that they couldn’t or
((Russian
(R
Russsian base)
b ee))
“There is shooting outside in
back to Hamas’s Oct. 7, 2023, launched airstrikes against Is- Homs the streets.” wouldn’t intervene this time,
Palmyra
Palm
myra
y
assault on Israel that sparked lamic State targets inside Abu Kamal “We declare the city of Da- people familiar with the mes-
a war in the Gaza Strip. Hos- Syria on Sunday, just hours af- mascus free from the tyrant sages said. At the same time,
tilities have since spread to ter the Assad regime fell. Bashar al-Assad,” Lt. Col. Has- one of the people said, the
Lebanon and Iran. “We’re clear-eyed about the Islamic State
Sttate control san Abdul Ghani, of the rebel Hayat Tahrir al-Sham rebels,
The Assads’ government fact that ISIS will try to take Damascus al-Tanf
l T f (U.S. base) military command, said in a with 25,000 fighters, don’t
fell victim in part to the wars advantage of the vacuum,” he social-media post early Sun- appear to have the personnel
in Lebanon as well as in said, referring to Islamic day local time. to govern the vast territories
Ukraine, which sapped the State. “We will not let that Just hours earlier on Satur- they have gained in recent
strength of Russia and Iran- happen.” GOLAN
OLAN HEIGHTS TSS Note: As of 2 p.m. ET on Dec. 8 day, the rebels said they had days.
backed Hezbollah, two key President-elect Donald (Israeli control) Sources: LiveUAmap; staff reports seized Homs, a city of 800,000 The foreign ministers of
sponsors whose militaries had Trump said on social media people that has provided access Russia, Iran and Turkey met
kept the family in power. that Assad fled because Russia Arab governments and the it is unclear to what extent his to Assad’s stronghold in Syria’s on the sidelines of a confer-
President Biden said: “This “was not interested in pro- U.S.—which has at least 900 transformation is genuine. coastal areas, where Russia ence in Qatar to discuss a dip-
is the first time ever either tecting him any longer.” troops in the country—are all The Assads were reviled maintains military bases. lomatic path through the
Russia nor Iran or Hezbollah Trump said Russia “lost all in- closely watching events unfold, but preserved a rough balance Syrians driven into exile by fighting as disparate rebel
could defend a foreign regime terest in Syria because of concerned that deeper disorder of power for years in a coun- the civil war celebrated the re- forces pressed their advance.
in Syria. This is a direct result Ukraine.” in the Middle East country try divided by a host of some- gime’s fall. Footage purportedly With regime forces melting
of the blows Ukraine, Israel Iran, Russia, Turkey, Israel, could undermine their own in- times-antagonistic rebel from Homs showed residents away, Russia might focus on
terests. There is concern that a groups and under pressure tying a noose around a statue cutting a deal to retain two
rapid collapse of the regime from outside powers including of Assad’s late father, Hafez al- bases on the Mediterranean
without planning for succes- Turkey, Russia and Iran. In re- Assad, who led Syria for three coast that enable it to project
sion could create a dangerous cent days, neighboring coun- decades, and toppling it. power in the region, said Mi-
Your Date vacuum with spillover effects tries rushed to solidify their Regime forces had said they chael Kofman, a senior fellow at
converted to into neighboring countries. borders. had created an unbreakable se- the Carnegie Endowment for
Roman The campaign that led to Syria has played a central curity cordon around Damas- International Peace, a Washing-
Numerals the Assad regime’s downfall role in the region’s interlinked cus, but it cracked quickly un- ton-based think tank.
was kicked off by Hayat Tahrir conflicts. It became a pipeline der pressure from the north,
al-Sham, a U.S.-designated ter- for weapons supplies to Hez- where Hayat Tahrir al-Sham
rorist group led by Jawlani bollah and brought Iran’s in- had entered, and from the Watch a Video
Order by that previously had links to Is- fluence up to the borders of south, where a separate group Scan this code
12/20 lamic State and al Qaeda. Jaw- Israel. It also stockpiled—and of rebels had taken up posi- to watch a video
lani has cut those ties and has used—chemical weapons, tions in the capital’s suburbs. of the rebel
pledged to protect Syria’s reli- which now, it is feared, could “We made it, we won. We leader’s arrival
888.646.6466 JOHN - CHRISTIAN.COM gious and ethnic diversity, but wind up in the wrong hands. are finally a free country,” in Damascus.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Monday, December 9, 2024 | A7

WORLD NEWS

Syria’s Future Quickly

Becomes a U.S. Priority
BY MICHAEL R. GORDON Yemen supported by Tehran to in Syria, which U.S. officials
counter the U.S. and Israel. assumed was largely stale-
WASHINGTON—The unex- But another scenario is mated given Assad’s backing
pectedly rapid downfall of possible: If Syria or large from Hezbollah, Russia and
President Bashar al-Assad in parts of it fall under control of Iran, hasn’t been a White
Syria has turned the country’s Islamist militants hostile to House priority.
future from a back-burner issue the West or the state collapses “The Biden administration
to a suddenly high-stakes con- entirely, it could bring further from Day One has purposely
cern for the departing Biden disorder to an already in- distanced itself from the Syria

KEN CEDENO/REUTERS
administration—and almost flamed region. issue,” said Charles Lister of
certainly for Donald Trump. For now, U.S. officials are the Middle East Institute, a
U.S. officials are scrambling uncertain what will happen and Washington-based think tank.
to assess the intentions of the how much influence they have. “As a result, the extent and
rebel groups that drove Assad President Biden plans to the depth of the relationships
into exile, especially Hayat speak to Middle East leaders that the U.S. holds with vari- President Biden on Sunday said Syria’s rebel groups ‘are saying the right things now.’
Tahrir al-Sham, which is ex- as U.S. officials travel to the ous actors that matter have
pected to play a pivotal role in region in coming days to con- decayed with time.” med al-Jawlani, who is a Kurdish and Alawite minori- lies, the Pentagon said.
whatever government emerges sult with Syria’s neighbors Following a meeting with Sunni Muslim, has vowed to ties—can avoid further conflict. The developments may
in Damascus but which is on and a range of Syrian anti- his top national-security ad- protect religious and ethnic The U.S. has some 900 present the incoming Trump
the U.S. list of foreign terror- Assad groups, a senior Biden visers on Sunday, Biden de- minorities. The White House troops in eastern Syria whose administration with an oppor-
ist organizations. administration official said. scribed the turnabout in Syria says those promises will be mission is to work with the tunity to roll back Iran’s influ-
The best-case scenario In seeking to shape the po- as an important chance for its carefully scrutinized, as ad- Kurdish-led Syrian Democratic ence in the Middle East and
would be a post-Assad Syria litical outcome in what it says people and the region. ministration officials weigh Forces to battle Islamic State. step up pressure on Tehran to
free from Iranian influence will be a process led by Syri- “As we all turn to the ques- how to engage with this and One worry is that Turkish- curtail its nuclear program.
whose territory Tehran would ans, however, the U.S. is start- tion of what comes next, the other rebel organizations. backed militias might try to But U.S. intelligence has
no longer be able to use to ing from a disadvantage. United States will work with “They are saying the right exploit the situation by at- warned that the risk is grow-
send weapons to the militant During Biden’s presidency, our partners and the stake- things now,” Biden said. “But tacking the Kurdish-com- ing that Iran might choose to
group Hezbollah in Lebanon. the U.S. has focused on sup- holders in Syria to help them as they take on greater respon- manded forces in northern build a nuclear weapon as its
That could bring further porting Ukraine following seize an opportunity to man- sibility, we will assess not just Syria that Ankara has long op- network of regional proxies
sweeping changes to a Middle Russia’s invasion of the coun- age the risk,” Biden said. their words but their actions.” posed. In a call with his Turk- weakens.
East already in flux, removing try and trying to bring an end Eager to recover respecta- The prospects for a transi- ish counterpart on Sunday, But in a Saturday message
a key member of Tehran’s so- to the fighting in Lebanon and bility abroad and potentially tion to a new administration Defense Secretary Lloyd Aus- on X, Trump wrote about
called “axis of resistance,” the Gaza, where Israel had battled open the door for interna- will depend to a large extent tin said it was vital to avoid Syria: “This is not our fight.
coalition of countries and mili- Iran-backed militants. tional aid, the leader of Hayat on whether rival factions—in- actions that could endanger Let it play out. Do not get in-
tias in Lebanon, Iraq, Syria and Ending the bloody civil war Tahrir al-Sham, Abu Moham- cluding Sunni groups and U.S. forces and their SDF al- volved!”

Rebels Wait

.
said Mohammed Alaa Ghanem, officials blamed Assad for not Mediterranean coast and the
a Syrian-American opposition preparing for the rebel assault Lebanese border.

ly
activist in Washington. “And and said they weren’t able to Panic spread in Damascus

Years for a Bashar al-Assad just fled.”

Assad’s downfall was set in
motion when the Syrian presi- on send military reinforcements
because of Israel, Syrian offi-
cials said. An Iranian plane
after rebels overran Hama,
said the 37-year-old resident
who feared a battle for the

Swift Win dent moved to crush an upris-

ing against his rule in 2011.
After his security forces
heading for Syria earlier this
week made a U-turn because
of the threat of Israeli air-
capital. He tried to get his pet
cat’s paperwork in order on
Friday, he said, in case he had
opened fire on protesters, strikes, the officials said. to flee the country.
us , OMAR ALBAM/ASSOCIATED PRESS

Continued from Page One popular protest turned to Rather than lend aid, Iran Another resident who drove
l

brate the regime’s quick sur- armed insurrection. ordered its Islamic Revolu- through the city during the
e
al a

render. “I was really fearful of Russia and Iran had helped tionary Guard Corps and its hours before it was captured
the battle for Damascus,” a 37- Assad claw back more than affiliated militias to stay out said he offered a ride to a sol-
year-old resident said. two-thirds of the country’s of the fight, according to Syr- dier. “He was terrified,” the
ci on

Assad’s government forces territory following more than ian officials. Iran then coordi- resident said.
had been low on supplies, ex- a decade of civil war. During nated a safe exit for its per-
hausted from years of war and that time, Arab states that cut sonnel and cut a deal for its
reeling from defeat after reb- ties with the regime had be- Defectors lining up to register with rebels in Aleppo, Syria. fighters to peacefully hand Homegrown
els captured one city after the gun to bring Assad back into territory over to the rebels. On city streets, people lined
er s

next, beginning with Aleppo the fold. Western nations that rebel group led by Jawlani and throng of supporters to as- “Both Russia and large up outside shops to buy prod-
on Nov. 30. had sought to topple him were known as HTS. In the four cend the steps of the ancient parts of the Syrian regime, in- ucts that were quickly disap-
m er

In a small pocket of terri- fatigued. years since the end of the last Aleppo citadel and promise a cluding senior political and pearing from shelves. Prices
tory still held by rebels in Then Assad’s strongest major Russian and regime of- new era for Syria. military figures, recognized surged, and the feelings re-
Syria’s northwest, rebel leader backers became mired else- fensive, the rebel group had “I don’t think they would that Assad’s circle was a sink- minded the 37-year-old resi-
Abu Mohammed al-Jawlani where. Russia’s invasion of been building its military ca- have thought they would take ing ship,” said Lina Khatib, a dent of what it was like dur-
was waiting for the moment Ukraine in 2022 prompted pabilities. HTS started a mili- Aleppo in four days,” said Middle East security expert ing the civil war’s early days.
m rp

to strike, reading the shifting Moscow to shift military hard- tary academy and began man- Aaron Zelin, a senior fellow at and associate fellow at Chat- After returning home, he
geopolitical winds and probing ware out of Syria. Iran became ufacturing weapons, including the Washington Institute for ham House, a policy institute said, he fell asleep before mid-
for regime weaknesses. entangled in conflict after drones that were used in the Near East Policy and author of in London. night, trying to drown out the
The time came when Israel Hamas launched its deadly successful offensive. a recent book on HTS, which After taking Aleppo, the sounds outside.
launched its military offensive Oct. 7 attack last year in Is- Aleppo, which had been is designated a terrorist group rebels streamed south in a At about 3 a.m. in Damas-
co Fo

against Hezbollah in Septem- rael. Syria’s largest city before the by the U.S. for its past ties to convoy of pickup trucks en cus, the sounds of chants and
ber. The Lebanese militia had war and a major commercial Al-Qaeda. Jawlani has said he route to Hama, the next in a gunfire woke him. The men
played an instrumental role in hub, was a symbol of the revo- and his organization have line of cities that Assad had outside were locals, he said,
bolstering Assad’s forces but Pummeled allies lution. Rebels there held out given up extremism. fought to hold earlier in the among those drawn into ac-
was battered after thousands An Israeli offensive aimed for four years, withstanding a After the fall of Aleppo, war. There, a fierce battle un- tion by the rebels’ victories.
of Israeli airstrikes that de- at rolling back Iranian influ- siege, as well as bombing by Assad tried to muster support folded with casualties on both The advance had awakened
stroyed much of its stocks of ence pummeled Iran’s network Russians and regime forces for his sagging military forces, sides. activist networks and under-
weapons and killed many of of militia allies in the region, until they were expelled from appealing to Russia and Iran. The rebels captured Hama ground rebel groups that had
its leaders. devastating Hamas in Gaza, the city in 2016. The Russians launched air- within days. been dormant for years.
“Even before they reached Hezbollah in Lebanon and The rebels’ capture of strikes that dropped off within On the night of Dec. 5, the “It was a lot more home-
the capital, the regime fell and striking Iran’s shadow military Aleppo dealt a significant days. rebels assembled an armed grown than I had expected,”
Syrian Arab Army troops de- network in Syria. blow to the government. Be- Iran told Assad help for his convoy on the road to Homs, the man said. “That’s when I
serted their positions, the po- All that opened the door for fore Assad addressed the de- regime would be limited in na- poised to cut off Assad’s ac- started to feel extremely
n-

lice deserted their positions,” Hayat Tahrir al-Sham, the feat, Jawlani passed through a ture, if it came at all. Iranian cess to military bases on the cheerful.”
no
A8 | Monday, December 9, 2024 * * THE WALL STREET JOURNAL.

WORLD NEWS
WORLDWATCH
South Korea’s President THE NETHERLANDS
Rescuers Search
GHANA
Former President

Is Sidelined by Opponents Site of Explosion

Emergency services on
Sunday continued searching
the debris of an apartment
block in The Hague destroyed
Returned to Office
Former Ghanaian Presi-
dent John Dramani Mahama
is set to return to office in
the West African nation after
Ruling party, prime by an explosion and fire that the ruling-party candidate,
had killed at least five people Vice President Mahamudu
minister will handle the day before, but held out Bawumia, conceded defeat
state affairs, not little hope of more survivors. Sunday in an election in
The fire service said five bod- which voters vented their an-
the sitting leader ies had been found and five ger over the worst cost-of-liv-
injured people rescued. A spe- ing crisis in a generation.
BY TIMOTHY W. MARTIN cialized team with four dogs Previously president from
AND JIYOUNG SOHN had been deployed. The cause July 2012 to January 2017,
of the predawn blast remained Mahama, 65, had promised to
SEOUL—South Korea’s em- unclear. Mayor Jan van Zanen “reset” the country in a cam-
battled president will no lon- said investigators were look- paign that gave priority to
ger be involved in running the ing into “all possibilities.” the economy.
country or diplomacy, accord- —Associated Press —Associated Press
ing to the ruling party’s
leader, who argued the move BURKINA FASO BANGLADESH
was made to stabilize state af-
fairs after Yoon Suk Yeol
Ruling Junta Names March Underscores
briefly instituted martial law New Prime Minister Tensions With India
EZRA ACAYAN/GETTY IMAGES

this past week. Rimtalba Jean Emmanuel Thousands of members of

Yoon, who just staved off Ouédraogo, until now commu- youth and student groups be-
impeachment after his party’s nications minister, will be longing to the Bangladesh
lawmakers boycotted the vote, Burkina Faso’s new prime Nationalist Party marched
agreed to the arrangement, minister, ruling junta leader Sunday toward the Indian
said Han Dong-hoon, the head Ibrahim Traoré decreed Satur- High Commission in Dhaka,
of the conservative People day, a day after dismissing Bangladesh’s capital, to de-
Power Party, in a Sunday ad- Protesters outside the National Assembly on Sunday in Seoul. Prime Minister Apollinaire nounce attacks on a diplo-
dress. The party, Han added, Joachim Kyélem de Tambèla matic mission and alleged
would seek an “orderly early tional for the prime minister The 65-year-old Kim had rejects the request, Kim will without offering a reason. The desecration of Bangladeshi
retreat” for Yoon, whom and the ruling party to jointly voluntarily gone in to be ques- be released. West African country’s current flags in India. India’s foreign
roughly three-quarters of South exercise the president’s au- tioned overnight by prosecu- In a televised briefing on junta seized power in Septem- secretary, Vikram Misri, is set
Koreans want to see gone. thority that no one has tors looking into allegations of Sunday afternoon, senior ber 2022 by ousting the previ- to visit Dhaka on Monday, as
Before Yoon steps aside, granted them without partici- insurrection and other prosecutor Park Se-hyun said ous junta, whose coup eight tensions between the two
Han said, “the president will pating in constitutional proce- charges. a special unit of 62 prosecu- months earlier had removed neighbors grow. India pledged
not be involved in governance, dure,” said Woo Won-shik, the Kim is the first prominent tors, investigators and mili- democratically elected Presi- action against those respon-
including foreign affairs.” He National Assembly speaker. South Korean official to be de- tary prosecutors would con- dent Roch Marc Kaboré. sible for the attacks.

.
called Yoon unfit to lead after The apparent shake-up fol- tained over Yoon’s stunning duct an investigation into the —Associated Press —Associated Press
the martial-law order. lowed Yoon’s survival of a Sat- move to enact emergency former defense minister for

ly
In the interim, the party—in urday impeachment vote, with powers exerting military con- his role in Yoon’s martial-law
coordination with Prime Minis- turnout failing to hit a quo- trol over the country’s politi- declaration.
ter Han Duck-soo—would han- rum after ruling-party law- cal activities, media and Park also named Yoon as an
dle “livelihood issues and state
affairs,” Han Dong-hoon said.
He didn’t offer concrete details
on how or when Yoon would be
makers walked out. The oppo-
sition parties said they would
call a National Assembly mo-
tion to impeach Yoon every
on
health services.
Prosecutors said Kim would
cooperate with the investiga-
tion. A law firm representing
investigation target for abuse of
power, as well as treason—one
of the rare charges that doesn’t
carry presidential immunity.
removed or other steps. South week until they are successful, him didn’t respond to a re- South Korea recently estab-
us ,

ROBIN UTRECHT/ACTION PRESS/ZUMA PRESS

Korea’s main government min- with the next vote planned for quest to comment. lished two separate special in-
l

istries on Sunday didn’t offer Dec. 14. In South Korea, law en- vestigative units, one staffed
e
al a

clarity on who was ultimately Meanwhile, legal scrutiny forcement can detain individu- by prosecutors and the other
in charge. of Yoon’s declaration of mar- als under investigation with- by police, who are looking into
It isn’t clear what, if any, tial law started to expand. out an arrest warrant if they various legal complaints filed
ci on

legal basis this arrangement Prosecutors on Sunday ar- are considered a flight risk or against Yoon and others tied
may have. The sitting presi- rested the country’s recently a threat to evidence. Prosecu- to the martial-law move. The
dent of South Korea is effec- resigned defense minister, tors said they would seek a special unit of prosecutors
tively sidelined. The opposi- Kim Yong-hyun. Seoul’s mili- formal warrant within 48 was the group that detained
tion Democratic Party blasted tary had said Kim had pro- hours to keep Kim behind bars the former defense minister.
er s

the move as illegal. posed the idea of martial law longer as the investigation —Soobin Kim The cause of an explosion in The Hague on Saturday in which
“It is clearly unconstitu- to Yoon. against him unfolds. If a judge contributed to this article. at least five people died was under investigation Sunday.
m er
m rp

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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Monday, December 9, 2024 | A9

WORLD NEWS

Fight to Swap U.S.-China Prisoners Took Years

Harrison Li was at his
apartment near Stanford Uni-
versity making coffee, just be-
fore Thanksgiving, when he
heard his dad might be com-
ing home.

By Aruna Viswanatha,
James T. Areddy,

FROM LEFT: JEFF CHIU/ASSOCIATED PRESS; TING SHEN FOR WSJ

Brian Spegele and
Gordon Lubold

The 27-year-old doctoral

student had been trying for
more than eight years to get
his father, Kai Li, out of China,
where he was imprisoned on
espionage charges the U.S. gov-
ernment viewed as baseless.
Around the same time,
6,500 miles away, Chinese of-
ficials showed up at 73-year-
old Ayshem Mamut’s home in
Xinjiang, to transport her to
Beijing. Harrison Li holds a photo of his father, Kai Li. Right, Uyghur rights activist Nury Turkel was separated for 20 years from his mother, Ayshem Mamut.
For 20 years she hadn’t
seen her son, Nury Turkel, a The Biden administration could get the Americans out of on U.S. charges, and two Ca- prison where he got a cot. and convicted of espionage.
prominent voice in Washing- focused on three men in par- China—where, according to nadians grabbed by China af- Roughly 10 days after Bi-
ton against China’s treatment ticular. human-rights group Dui Hua ter Meng’s arrest. den’s meeting, Chinese author-
of its mostly Muslim ethnic Kai Li, Harrison’s father, Foundation, more than 200 But in 2022, the Biden ad- A first step ities released Swidan, Li and
Uyghur citizens in the region who had sold space equipment Americans are in prison or ministration angered Beijing by In July, Blinken met with his John Leung, a 78-year-old
of Xinjiang. Stripped of her for companies such as Boeing unjustly detained in other cautioning Americans planning Chinese counterpart, Wang Yi, American convicted last year
Chinese passport, she didn’t in China, was detained in Sep- ways. Unlike China, both Rus- to travel to China that they in Laos and agreed on an open- of espionage.
know if she would ever meet tember 2016. A decade earlier, sia and Hamas were upfront could be subject to detention or ing move: Lin, the pastor who Mamut’s ticket out of China
her grandchildren. David Lin, a pastor, had been about what they wanted in prevented from leaving. Last had been detained since 2006, marked a rare action by Bei-
The Biden administration swept up in a campaign tar- exchange. year, it raised the warning would be released. In return, jing in response to U.S. criti-
had spent more than a year geting foreign missionaries Kai, now 62, could call Har- level, urging Americans to re- the U.S. would send home a cism of its treatment of Uy-
trying to forge a deal with and given a life sentence on a rison twice a month. “I’m fine, consider travel to China. Chinese music student, Xiaolei ghur minorities.
Beijing to let several impris- contract-fraud charge. The don’t worry,” his dad usually In early 2023, China’s Em- Wu, who had been convicted in
oned Americans leave China. third American was Mark told him. bassy in Washington signaled Boston of threatening a Chi-
Now it looked like a swap was Swidan, a Texan serving an ef- But an initial burst of me- a new position. One of the nese activist there. M.C. Escher

.
coming together—and that it fective life sentence after be- dia attention in 2019 yielded aides raised Swidan’s case and In his years behind bars, FOR SALE
would include Chinese Uy- ing accused of running a nar- little, and Harrison worried urged, “Release him.” A top Kai Li suffered a stroke and

ly
ORIGINAL PRINTS
ghurs like Mamut as well. cotics ring. the limelight could worsen his embassy official responded, lost a tooth to disease. & DRAWINGS
The deal would only work, father’s situation. “No, a swap.” Harrison Li finally secured
BY APPOINTMENT ONLY
China had warned, if the U.S. Mark Swidan’s mother fig- During a visit to Beijing by a White House meeting with
kept it quiet. The plane hadn’t ‘I’m fine’ on
ured rabble rousing was her Blinken later that year, U.S. of- Sullivan days after Lin’s re-
NEW YORK
taken off yet, a State Depart- Harrison Li was a junior at only leverage. A former debt ficials raised the prisoners. lease in September; the na- 347-563-2100
ment contact told Harrison Li, Harvard University when his collector, she had managed to The discussions grew heated, tional security adviser told [email protected]
and the plan could still fall father, who had flown to generate attention to her son’s and the delegation departed Harrison and his mother that
apart. Shanghai to mark the anniver- situation from Texas Republi- without a resolution. it was only a “first step.”
us ,

Few foreign-policy chal- sary of his mother’s passing, can Sen. Ted Cruz and the ac- In China, U.S. Ambassador Biden had one last chance
l

lenges have been as troubling was arrested on arrival. Kai Li tor Mel Gibson, who recorded Nicholas Burns took the unusual to discuss American prisoners
e
al a

to the U.S. as a surge in arrests was eventually sentenced to a video in support. step of visiting Lin, Li and with Xi: a summit in South
of Americans by autocratic re- 10 years behind bars. Even so, Swidan, now 49, Swidan in prison. Burns also America.
gimes. On his desk, President While Biden met with the had spent years in a detention called Mamut and the embassy By then, the contours of a
ci on

Biden’s national security ad- families of Brittney Griner— facility meant for short stays. sent diplomats to Xinjiang. broader deal had fallen into
viser, Jake Sullivan, has kept the basketball star arrested in Beijing showed it was open In the fall of 2023, Biden place: Washington would ease
mementos from families of Russia—and those taken hos- to trades when it worked with brought up the prisoners the travel warning if China re-
Americans detained overseas; tage in the Oct. 7, 2023, attack Canada and the U.S. to orches- when he met with Chinese leased the two other Americans
Secretary of State Antony on Israel, the families of the trate a complicated exchange leader Xi Jinping in California, on the U.S. priority list. Beijing
er s

Blinken has traveled around prisoners in China couldn’t in 2021 involving Huawei ex- and asked Xi to allow Mamut also wanted back a Chinese in- ALL MC ESCHER WORKS © THE MC ESCHER COMPANY
the world with a list of the get that kind of attention. ecutive Meng Wanzhou, who to travel abroad. Around that telligence officer, Yanjun Xu, MC ESCHER® IS A REGISTERED TRADEMARK
SKY & WATER I - 1938
m er

prisoners in his breast pocket. No one could be sure what had been detained in Canada time, Swidan was moved to a who had been arrested in 2018
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

FROM PAGE ONE

Runaway shelters better if we care

about dogs this much,” says
Emma Wilson, a 31-year-old
tle over a year ago when local
nonprofit Zeus’ Rescues saved
the dog—which it named after
with a tranquilizer gun to
make for an easier capture.
(Scrim managed to outrun
nally got a win 177 days into
their search when they
trapped Scrim in a parking lot
across the yard, wriggled
through an iron fence, and,
eventually, fled 6 miles

Mutt Splits Mid-City resident who is a

nonprofit program manager.
On the other side of those
the gauzy fabric sometimes
used in Mardi Gras costumes—
from a list of animals to be eu-
punctures from two separate
darts.) Eventually, Cheramie
took a chemical capture
by sealing every exit so he
couldn’t outrun the tranquiliz-
ing dart. A vet visit revealed
through the city before his
GPS collar ran out of juice.
Cheramie, Murray, and the

A City pushing for Scrim’s liberation

is a group of volunteers who
have devoted the past year of
thanized at a shelter. Rescue
director Michelle Cheramie
figured the scruffy terrier mix,
course with the San Diego Zoo
to try to stun him herself.
“I’m Cajun, so I’m a good
two bullets from pellet guns
lodged in his side and broken
teeth likely from eating rocks
rest of the volunteers are back
on the case, with a slightly
different goal in mind. If they
their lives to getting him off with his small stature and shot,” says the 55-year-old. and garbage. Otherwise Scrim catch him, they plan to place
Continued from Page One the streets. They have no pa- docile nature, would be an On Friday afternoon, Chera- was in sound health. him at a dog sanctuary where
refuses to be contained. tience for those who think easy adoption after rehabilita- mie and Tammy Murray, who A month later when the vol- he can spend the rest of his
“I would say if Gollum from they should let the dog live tion from mistreatment by his has also been hot on Scrim’s unteer helping Scrim rehab had days safely roaming free.
‘Lord of the Rings’ had a pet, out his life as a vagabond. prior owners. trail, took off in pursuit after to leave town for a few days, Cheramie wants to correct
it would be Scrim,” says Bryan “It’s not like Scrim is sit- The months since he fled receiving a text from someone Cheramie offered to pet sit. the narrative that he was so
Thayer, a 38-year-old nursing ting around reading the works the home of the family that in the community that he was She only got one night with desperate for freedom he was
student who often posts on of John Locke pondering what adopted him have been any- running toward busy Clai- him. The next day, she locked willing to take a two-story
social media to #FreeScrim. freedom means,” says David thing but easy. Cheramie esti- borne Ave. They drove a res- the house to run errands. plunge. Really, she thinks he
As the search drags on, W. Brown, a 45-year-old non- mates she’s spent about cue van loaded with tranquil- When she returned home was trying to escape her cats.
Scrim is also a source of grow- fiction author who estimates $10,000 from a combination of izer and net guns, 8-foot after an hour, a neighbor was “Scrim is New Orleans,” she
ing frustration in a city that he’s spent around 250 hours her own pocket and Scrim- panels to block underneath a standing outside yelling that a says. “We’re a little dirty,
averages about a year to fill a hanging posters, tracking specific fundraisers on rescue house, construction netting, white dog had just jumped off we’re a little ragged at the
pothole and often struggles to down tips and mapping Scrim efforts and gear. She’s hung food and water, blankets and the roof. Surveillance video edges from time to time, but
care for its human residents. sightings. “Humans at some seven motion-sensing cam- night-vision binoculars. showed Scrim had chewed his we are resilient and we will
“Instead of spending so point abused and damaged eras, rigged specialty traps But by the time they got to way through a screen on a just keep moving forward no
many resources on this one this dog, and only humans can and enlisted both a local vet the corner where Scrim had bedroom window, fallen 13- matter what, against all odds.”
dog, we should probably be rescue this dog.” and a professional trapper out been sighted, he was gone. feet, hit the ground with a And if you see Scrim, she
funding the public animal Scrim’s odyssey began a lit- of Texas to try to sedate him Cheramie and Murray fi- bang and a bark, streaked adds, don’t chase. Just text her.

Investigator how, because the threat actors

want to know,” said Nixon, who
noted only that at one point

Tracks Waifu made a move that inad-

vertently left a digital trail.
Krebs and the cybersecurity

Hackers firm Mandiant were just a few

steps behind.
On Sept. 13, two days after
Waifu’s chess challenge, Krebs
Continued from Page One published a post on his site
Over their correspondence, making public the most per-
Waifu felt out Krebs to see sonal details yet available
what he knew. Waifu used mul- about Waifu: He was a soft-
tiple accounts, including the ware engineer in Ontario, Can-
aliases Nyakuza and Judische, ada, in his 20s. Krebs held off
the German word for Jewish. on giving a name. “I thought it

.
“He’s talking to people in the prudent to wait for his arrest,”
industry, under different he said.

ly
names, offering information,
trying to suss people out,”
Krebs said in an interview. The arrest
One hint some of the ac-
counts belonged to Waifu: He
liked to use animated cats as
avatars. Other aliases included
on The morning of Oct. 30, the
Canadian equivalent of a SWAT
team assembled near the Kitch-
ener, Ontario, home of Anthony
Meowist, Catist and Scarlet the THE WALL STREET JOURNAL Przeklasa. The 75-year-old
us ,

Meow Cat, according to court grandfather headed out for

l

filings. “He would say meow all some errands and was quickly
e
al a

the time. I don’t really know swarmed by police vehicles.

what that’s about,” Krebs said. The police were there to ar-
Some of Waifu’s messages rest his grandson, 25-year-old
ci on

were threatening. Krebs’s work Connor Moucka, who lived with

investigating and writing about Przeklasa. The police told him
cybercriminals has become so Brian Krebs, above, in front of they were prepared to gas the
dangerous that he goes to ex- the home where he was house and break the door
traordinary lengths to keep his ‘swatted’ in 2013; screenshots, down, and in response, Prze-
er s

location hidden. left, of a forum where users klasa said, ”I asked them if
That September morning, discussed buying heroin to they wanted my keys.”
m er

Krebs didn’t take up Waifu’s send to Krebs. Authorities in the U.S.

chess challenge. “What am I wanted Moucka extradited to
going to do, play him at gotten in Telegram and crimi- the U.S. on hacking, extortion,
chess?” he said. “He would nal forums. Those companies identity theft and wire fraud
have just screenshot what I hadn’t turned on multifactor charges, according to a warrant
m rp

said and send it to his friends.” authentication for their Snow- that authorized police to seize
But their back-and-forth con- flake accounts—a process that Moucka’s electronic devices
tinued for several more weeks, requires users to verify their and a range of records.
like a real-life chess game, until identity through another According to a Justice De-
Waifu ran out of moves. method, like a phone number. partment indictment, unsealed
co Fo

It’s all part of the daily rou- A username and password was in November, Moucka is Waifu.
tine for Krebs, 52 years old, all it took for the hackers to Moucka, who is 6-foot-2 and
who over the past 20 years has break in. about 200 pounds, according to
investigated and outed some of Snowflake now turns on au- his grandfather, lived in a small
the worst actors on the inter- thentication for its customers bedroom on the top floor. His
net: Russian money launderers, by default. dad died when he was very
Romanian ATM thieves, Nige- Meanwhile, a user named young and he moved in with
rian scammers and American Judische was posting about his grandparents when he was
hackers. lower up and down, like some- are allowed. were customers of cloud-data some of the hacks on a Tele- in 12th grade.
While many researchers sell thing out of a sci-fi movie. He moved there after an in- company Snowflake, he said he gram channel dedicated to He displayed signs of being
cybersecurity services to com- With a glance to his left, cident in 2013, when he was suspected “this was one for the fraud. on the autism spectrum, said
panies, Krebs, a former Wash- Krebs can see a half-dozen live getting ready to have his mom books.” Krebs asked around online Przeklasa, and at school, stu-
ington Post reporter, makes feeds from security cameras and aunt over for dinner. Krebs about Judische, who then be- dents harassed him by doing
n-

most of his money from banner placed around his home. He had opened the door to remove gan messaging Krebs in private things like throwing pine cones
ads on the website where he gives fake names to plumbers some old tape on the window. The hack chats. It isn’t uncommon for at him. He never completed
shares his findings. His site, and landscapers who work on On the other side were more The attack started in April, hackers to talk to investigators. high school, his grandfather
Krebs on Security, routinely his home to keep his address se- than a half-dozen officers with ultimately exposing data from Sometimes they’re looking for said.
no

pulls in more than 1 million vis- cret. He asked a visiting reporter their guns drawn, he said. 165 companies. publicity, to pressure extortion When Przeklasa would pop
its a month. He hears from law not to reveal certain informa- “Put up your hands,” an offi- The hackers began advertis- targets. Sometimes they’re try- in to see his grandson, he
enforcement and other officials tion, like the name of his dog. He cer told him. Krebs was hand- ing some of the stolen data for ing to figure out what investi- would either be asleep or in
who read his posts—and from isn’t registered to vote, because cuffed in front of his house. He sale online, including from Tick- gators might know. front of his two screens with
hackers, too. that requires an address. had been swatted—a form of etmaster and Neiman Marcus. During the heart of his in- headphones on. He told his
Waifu is well known among online harassment where Perhaps their biggest score vestigation, Krebs compiled a grandfather he was a software
investigators, who say he is someone reports a fake emer- was more than 50 billion call 97-page document with clues developer. In the room, he had
part of an anarchic online com- The investigator gency to 911, seeking to con- records belonging to AT&T’s like email addresses, online two photos of his grandmother,
munity known as the Com, Krebs got interested in cy- vince authorities to dispatch a wireless customers. They usernames, forum posts and whom he was close to. She died
made up mostly of young men bersecurity in 2001 after his SWAT team to a victim’s house. posted a message on X, threat- chat records. Looking at Judis- of cancer last year, Przeklasa
in English-speaking countries. computer got hacked and he Someone had called 911 claim- ening to post FBI agents’ call che’s account history and said.
They say Waifu has a history of wanted to figure out how it ing to be Krebs and said that records taken from AT&T, tag- posts, he was able to connect Moucka’s lawyer declined to
harassing his online foes and of happened. “I’m fascinated with Russian criminals were in his ging AT&T, the FBI, Google’s Judische to Waifu. comment.
SIM swapping, in which some- the human side of cybercrime,” home and had shot his wife. Mandiant cybersecurity group The hackers mentioned Moucka is awaiting an ex-
one seizes control of a victim’s he said. He spends a lot of time A hacker once mailed heroin and Krebs in the post. Krebs, Nixon and other re- tradition hearing, according to
phone number and uses it to lurking in forums where cyber- to his home, then sent a 4-foot Behind the scenes, they searchers in online posts, court records. The indictment
reset online passwords, such as criminals hang out. He spent cross of carnations to Krebs’s were also extorting companies sometimes threatening them named a co-conspirator in Tur-
for cryptocurrency accounts. years learning Russian, listen- house with a note addressed to for millions of dollars. with violence. The hackers key, John Binns, who has also
“He’s been an influential fig- ing to lessons while running on his wife: “Rest in peace…. Mandiant, which was hired posted on a Telegram channel a been arrested and didn’t re-
ure in the culture of the Com for a treadmill in his home gym. You’ve chosen to live with a by Snowflake and other compa- musical “diss track” talking spond to messages seeking
at least five years,” said Allison Krebs cut his teeth investi- wrong man, but we will always nies to investigate, found that about Com members getting comment. In 2021, Binns told
Nixon, chief research officer at gating Russian hackers and take care of you.” the hackers were breaking into “failed doxxed by the legendary The Wall Street Journal that he
online investigations firm Unit pharmaceutical spammers. When Krebs heard about the each company one by one, us- Krebs.” had hacked telecom company
221B, who was also drawn into Fighting Russian adversaries is April hack, on companies that ing login credentials they had Krebs was eventually getting T-Mobile.
the hunt for Waifu. something of a family messages from Waifu The indictment alleged that
Com hackers have grown preoccupation. He grew daily. Although they Moucka, Binns and co-conspir-
more dangerous, ratcheting up up in Springfield, Va., one sometimes came from dif- ators extorted at least 36 bit-
their activities from taking of seven children of an ferent accounts, they coin—worth about $2.5 million
over social-media accounts to Air Force engineer who in would repeat details from at the time of payment—from
stealing cryptocurrency to digi- the 1980s briefed then- previous conversations. at least three victims in the
tal extortion. They have been President Ronald Reagan “Are you Judische?” hack.
linked to major hacks at Nvidia, on a missile interception Krebs asked in one of his Waifu had been messaging
Twitter and MGM Resorts. system that he believed messages to Nyakuza, Krebs up until the night before
The online mayhem is spill- would help the U.S. win who replied, “Yes.” his arrest. “Knowing that there
ing into the real world. Com its nuclear arms race with Nixon was driven to in- is one fewer person like that in
hackers have been linked to Russia. vestigate because of the the Com, that’s a win,” Krebs
home invasions designed to Paying Krebs a visit online threats against her. said.
steal cryptocurrency at gun- these days isn’t easy. A In collaboration with an His work continues. On Nov.
point and have hired strangers recent trip to his home anonymous researcher, 27, Krebs posted about a third
to fire guns or throw bricks at meant leaving behind all her firm uncovered suspect in the Snowflake inci-
a victim’s house. smartphones and inter- Waifu’s real-world iden- dent who remains at large. And
Krebs tracks it all from his net-connected devices, to tity by early July and the Com is a much bigger prob-
workstation, sitting in a black prevent any kind of digi- turned the information lem than many in the security
leather professional racing seat tal trail that hackers over to authorities, she industry want to admit, he
that his wife calls the “space could pick up. Visitors said. Researchers don’t said. “They’re sitting on huge
chair.” In it, he’s surrounded by must navigate through like to reveal exactly how piles of crypto, and they feel
a 250-watt Bose sound system, a winding Virginia farm they trace anyone’s real- emboldened.”
microphone and 6 feet of touch country roads using a pa- A surveillance photo of Moucka, taken nine days before his arrest, world identity. “We’re —Caitlin Ostroff
screen monitors that slowly per road map. No cameras appeared as evidence in a court filing. never going to disclose contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

PERSONAL JOURNAL.
© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, December 9, 2024 | A11

Neckties
Are Making
A Comeback
A new generation is tweaking the power tie
by making it rebellious or feminine

professional today,’” says Klein.

ON THE Neckties may never regain pre-
CLOCK pandemic levels of popularity, but
CALLUM sales data show signs of resur-
BORCHERS gence. After tumbling to $61.4 mil-

T
lion in 2020, U.S. tie imports re-
bounded to $106 million by 2022,
he boss wears a hoodie. according to the most recent data
The intern wears a from trade-tracking website Ob-
necktie. servatory of Economic Complexity.
For those who spent
years, even decades, Tongue in cheek
with silk knots around Much of Wall Street has officially
their necks, the business-casual been tie-optional for almost a de-
movement has been a breath of cade. JPMorgan Chase was among
fresh air, literally. the first to codify a business-ca-
But for those professionals sual dress code in 2016. Other
never subjected to stuffy dress firms followed suit.
codes, transitioning
from college campuses
to nearly-as-informal
workplaces can feel like
missing a rite of pas-
sage. Some 20-some-

.
things are embracing
the necktie to project outfit when I have internal meet-

ly
Banker Ami Vyas, left, borrowed
gravitas and show per- her husband’s ties, then bought ings with executives or maybe a cli-
sonality with a pattern some of her own after concluding ent that could refer me to another
or pop of color. they command respect in high-net-worth client,” she says.
Women are getting
in on the tie renais-
sance, too, saying it
helps command a room.
on meetings. Nancy Berman, bottom
left, a member of the U.S.
Commission for the Preservation
of America’s Heritage Abroad, has
I noticed NBC’s Maria Tay-
lor wearing a Prada tie on “Sun-
day Night Football” a few weeks
ago and subsequently learned ties
Ryan Klein, 21, worn her own line of neckties to for women are on-trend this fall.
us ,

sported a suit and tie meetings in Washington. Ties work for celebrities and 9-
l

daily as a Republican to-5 women alike because you

e
al a

congressional intern the don’t need to be a certain age or

past two summers. The ironically? body type to pull them off, says
senior at Pennsylvania “A hundred percent,” accord- Danyela Schupak, a New York real-
ci on

State University ing to Murray. estate agent who puts on a tie

reached back in time for Several young men and women once or twice a week. She de-
hand-me-down neckties who don ties confirmed that half scribes herself as a conservative
his great-grandfather the fun is subverting an old sym- dresser who adds one bold acces-
wore from the 1940s to bol of masculine status. They rel- sory to an otherwise tame outfit,
er s

1960s, plus a few new ish tweaking the power tie by not the corporate crop-top type.
purchases. wearing it rebelliously or making Attention-getting neckties are now
m er

Often Klein was it feminine. in her rotation of statement pieces,

more decked-out than lawmakers In a suit and tie, Ryan Klein, above, along with shoes and jewelry.
and senior aides. sometimes dressed more formally Women in Windsors “The first reason I wear them
He was surprised, during one of as a congressional intern than Ami Vyas started borrowing her is for people to comment, which
his first weeks on Capitol Hill last lawmakers and senior aides. husband’s ties about a year ago starts a conversation and leads to
m rp
FROM TOP: PEDRO NEKOI FOR WSJ; RYAN J. KLEIN; AMI VYAS; LUCIE SASSIAT

year, when House and Senate lead- as an experiment. A relationship networking for my business,” says
ers wore dress sneakers to a meet- manager at Canadian Western Schupak, 51. “And the second rea-
ing in the Oval Office. Then he re- Nevertheless, associates often Bank, she wondered if her cli- son is, I feel powerful when I
membered a viral photo of open- get the hint that they’re still ex- ents—mostly men, all with at wear a tie.”
collared world leaders at a G-7 pected to wear suits and ties, says least $750,000 of investible as- One of her favorites is a crystal-
co Fo

summit in 2022. Dressing down is David Murray, co-founder of New sets—would treat her differently studded tie from fashion startup
now the norm, he realized, even at York City menswear store Grey in meetings. Nandanie that cost about $250. The
the highest echelons of power. Clothiers. The young employees Vyas, 35, reports an uptick in brand’s founder, Nancy Berman, is a
That may change as President- conform…sort of. follow-up calls from people seek- presidential appointee to the U.S.
elect Donald Trump and his signa- Perhaps you’ve seen men in ing her input on real-estate pur- Commission for the Preservation of
ture shiny neckties return to Wash- their 20s whose suits appear chases or business transactions. America’s Heritage Abroad who
ington. Klein admires Trump’s borrowed from someone twice She can’t prove it was the ties that wore ties for two days of meetings
business-formal look because it their size. It isn’t bad tailoring; imbued her with an air of author- in Washington recently.
conveys seriousness about the job, it’s intentional. tie,” Murray told me. ity, but she’s purchased several of “When you walk into a room
he says. But he wears ties mostly “The Gen Z guys are doing it I thought of how millennial her own from Banana Republic and you’ve got on a tie, like a man
because of how they make him feel. in a fashion-forward way, where hipsters wryly adopted fedoras and Shein. She now wears a neck- might do, you’re making a state-
“It gets me in that mindset of, the suit doesn’t fit in the proper and tortoiseshell glasses. Is the tie to work about once a week. ment: I’m here to be taken seri-
‘Hey, I’m going to do something sense and they’ve got a big, funky next generation wearing neckties “I’ll incorporate a tie into my ously,” she says.
n-
no

MY RIDE BY A . J. BAIME izer. You can show

up with a $75,000
motor, but if you

Racing a Sprint Car don’t have the car

set up just right, ac-
cording to the condi-

At a Night Grand Prix tions of the track,

you won’t win. That
is what makes it so
exciting.
This year,
Cole Wakim, 23, a recent race, the whole team would go out Nascar stars Kurt
mechanical engineering graduate to celebrate. Those are some of my Busch, Kyle Larson,
from California State University, best memories. and Ty Gibbs all
Northridge, who lives in Simi Valley, Two years ago, we started racing competed in the Tur-
Calif., on his sprint car, as told to sprint cars at Ventura as a family. key Night Grand
A.J. Baime. Me and my dad both compete in our Prix’s main event. My

W
cars. Sprint cars are open-wheel race class of sprint cars
hen I was a kid, my dad cars designed to be lightweight and was a support race. I
raced sprint cars at Ven- to have high horsepower. It’s some- have about 20 races
tura Raceway, our local thing you don’t see on TV, but prac- under my belt, so I
track, a 1/5-mile dirt oval right on tically every weekend, all over the am still starting out.
the beach. When my brother and I country, thousands and thousands of To have a guy like
were 5, we started racing tiny cars people are going to their local tracks me racing with the
with lawnmower engines at Ven- to race or watch sprint cars. It is best of the best in
tura. When my father would win a grassroots motor sports, and really my class: It is pretty
cool.
The Turkey Night
Grand Prix is a full
weekend of compet-
ing. I raced on Friday
special to the people involved. Cole Wakim prepares for the night, got caught up in a crash, and
In November, I raced in the Tur- Turkey Night Grand Prix, which is was unable to finish. The next
key Night Grand Prix, which—to my a full weekend of competing. night, I raced again but was unable
mind—is one of the most presti- to qualify for my class’s main event
gious races in the world. [The Tur- on Sunday. But my team will defi-
key Night Grand Prix was first held together. It is very powerful. nitely be back next year.
in Los Angeles in 1934 and is one of A sprint car runs on methanol Not that I haven’t won races. I
the longest-running races in the for fuel, and it might have as much have. It’s extreme excitement, be-
country.] This year was my second as 900 horsepower. I have heard cause you get to celebrate with
time competing in it in the top people say that sprint cars have a your crew and your family. Pictures
sprint-car class. higher power-to-weight ratio than with the trophy. Just like when I
NIGEL JONES FOR WSJ (2)

A sprint car starts as a tube- Formula 1 cars. Until you drive one, was a kid, watching my dad.
frame chassis, and I race with a you can’t really understand what The goal is to get better and
410-cubic-inch Chevy V-8 engine. that means. When you get in one, faster. But just being at this race—
My dad was a mechanic, and he has it’s just crazy amounts of power. in this place where I practically
a lot of good people around him, Sprint cars race on oval dirt grew up, with my family there, in a
and we kind of pieced this motor tracks, and dirt is the great equal- sprint car—is a great experience.
A12 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

New York City Considers

BY ALLISON POHLE

A
s New York City hotel
rooms reach record

Easing Its Airbnb Crackdown

nightly rates, city law-
makers are proposing
a bill that would walk
back some restrictions
on hosts of Airbnb properties and
other short-term rentals.
If enacted, the bill could mean-
A bill introduced to the City Council could lessen the strict regulations on short-term rentals
ingfully boost listings, which
dwindled to about 3,700 last
month, compared with nearly
23,000 in January 2023, according
to the market-research firm
AirDNA. It also resumes the
pitched battle between the hotel
industry and the rental platforms,
including Airbnb.
Tourists who dine at New
York’s restaurants, see shows and
contribute to the broader economy
say they largely support a re-eval-
uation of the rules. They still come
in droves, with visitation numbers
set to surpass 2023 levels, accord-
ing to the city’s tourism officials.
But these travelers say that since
the September 2023 crackdown,
finding affordable lodging has be-
come more expensive—and more
complicated.
Central to the legislation is
more flexibility for the owners of
one- and two-family homes. They
say they have struggled without
the additional income. The bill
would allow four adult guests in
hosts’ units—up from the two-per-
son limit. Hosts wouldn’t need to
be present during the stay, so peo-
ple could rent out their space
while on vacation, something that
is currently prohibited.
The crackdown was intended to

.
preserve affordable long-term
rental space for people to live in

ly
New York. That didn’t work, say
Airbnb executives, given
the city’s higher rent
prices. And tourists are
paying more, they say,
with tighter hotel-room
availability.
on it was meant to offer flexible sup-
plemental income to homeowners,
who shouldn’t be treated as com-
Members of the Hotel mercial operators.
us ,

Association of New York

l

City, an industry group, ‘We’re not wealthy’

e
al a

say looser rules would al- Gia Sharp lives in a 110-year-old,

low for a flooding of the two-family house in Brooklyn that
market with potentially she says was purchased with Fed-
ci on

hundreds of thousands of eral Housing Administration loans.

listings that could become She previously listed part of the
commercial operations. home on Airbnb and says that
short-term rentals gave her
New York tourism needed income to afford her
er s

Santana Bozman found a home. “We’re not wealthy people,”

dearth of Airbnb listings Sharp says. “Wealthy people don’t
when searching for lodg- share their homes.”
m er

ing for a late November Sharp co-founded Restore

trip, her first ever to the Homeowner Autonomy and
city. The 33-year-old talent Rights, a group of more than 600
acquisition manager from  Restore Homeowner Autonomy and keep prices down, he says. owners of one- and two-family
m rp

South Bend, Ind., and her and Rights members say the city’s Airbnb has logged more than $1 homes who advocate for an easing
husband wanted to bring regulations have made it harder million in lobbying expenses, re- of these restrictions.
both sets of parents. Un- for them to afford their homes. lated to the regulations so far in Vijay Dandapani, chief executive
able to find a listing for 2024, according to the city’s lob- of the Hotel Association of New
six, Bozman booked three bying records. York City, says the city has put
co Fo

separate hotel rooms in hotel prices, but other factors are Airbnb faces regulatory battles stringent regulations on hotels in
Midtown, totaling just under  Santana Bozman, with her at play. Hotel supply is tight be- around the world. “Unfortunately terms of licensing, checks on em-
CLOCKWISE FROM TOP: ISTOCK; CARLOS VARELA; SANTANA BOZMAN

$3,300 for three nights. parents, Andy and Amy, during a cause of development constraints we’ve become a scapegoat in a lot ployees and the prevention of hu-
The cost was worth it, she recent family trip to New York. and because hoteliers face rising of locations,” Yedinsky adds. man trafficking. Short-term rentals
says. Nevertheless, Bozman hopes operational and insurance costs. A large supply of new long- aren’t subject to the same rules.
the short-term rental rules change Also, thousands of rooms are used term rental units appeared on the The city should offer relief to
so she can consider an Airbnb charged $417 a night, on average. to house migrants as part of a city New York market, primarily in homeowners struggling with
when she returns with friends. The current regulations require contract. Manhattan, after enforcement be- mortgages, he says, adding that
The holiday season is the busi- hosts to register with the city and gan, says Jonathan Miller, author more youth hostels are a solution
est time for travel to New York penalize booking platforms for Bracing for battle of the New York rental reports to more-affordable stays for young
City, with 7.5 million travelers ex- processing unverified transactions. Airbnb and New York officials from the real-estate company budget travelers.
pected, up from about seven mil- Hosts can only operate on rental spent years engaged in tense legal Douglas Elliman. The units had a “The administration is review-
lion in 2023, says Tiffany platforms if they meet the require- battles over short-term rentals. modest effect on tempering rent ing the proposal with an eye to-
n-

Townsend, a spokeswoman for ments. Notably, hosts can’t rent an The current regulations go too increases, but rents continued to ward protecting units of housing,
NYC Tourism and Conventions. entire apartment or home, even if far, says Theo Yedinsky, Airbnb’s rise, he says. our communities and travelers to
In September, the average New they own it. vice president of policy. The bill The bill was introduced by the the city,” a spokeswoman for the
York hotel room reached its high- Analysts say the lack of short- would let people use their primary Brooklyn-based council member Mayor’s Office of Special Enforce-
est ever monthly rate when hotels term rentals contributes to higher homes, help with consumer choice Farah Louis. She said at the time ment said.
no

Young creator in Leeds, England,

who shares study tips on
TikTok, said she had caught
bits of internet slang into
complete sentences about
fashion.
People Boast herself repeating the young
Trump’s words to herself
“Blueberry milk nails.
Cinnamon cookie butter

Of Having multiple times a day.

“I don’t even say it in
any context, it just comes
hair. Cowgirl copper, or
copper cowgirl?” Becker
recites in one video, refer-
‘Brain Rot’ out,” she said. “That’s what
I feel like brain rot is.”
encing several style trends.
The success of those vid-
Gen Z and Gen Alpha, eos led to direct parodies,
BY ASHLEY WONG who grew up with smart- such as a June video of
phones and social media, Becker acting out a date

H
e’s such an NPC. How many are the primary audience with someone who speaks
aura points does he lose for for this content and have in “TikTok brainrot”: “What
that skibidi Ohio rizz? popularized the term. Emi- are you getting to drink,
If you have any clue what that lie Owens, a doctoral re- water? OK, in your hydra-
means, you may be suffering from search fellow in the Uni- tion era, serving hydration
brain rot. versity of Oslo’s core! I’m getting an Aperol
The term, which Oxford Univer- department of media and spritz, something with a
sity Press recently announced as its communications, surveyed little fizz. Bro has no rizz.”
word of the year, does not refer to a classroom of high-schoolers about spending a Saturday around content con- “I don’t talk like this in real life!”
literal brain deterioration. Rather, their online consumption habits and on the sofa watching sumption in general, Becker said in an interview.
brain rot is a vibe: a feeling brought attitudes in February. Several times, all of ‘Friends’ again, The word and people think Some social media users have
on by hours of scrolling through she said, the teenagers described or episodes of ‘Real of the year that it’s making us found practical applications for brain
low-value social media content and nonsensical videos on TikTok as Housewives.’” less intelligent,” said rot. In April, Ni created a website tool
a lighthearted, semi-ironic attitude “brain rot.” The phrase brain does not refer to Krissy Ryan, 34, a that converts any text into online
toward screen addiction.
“It’s a language for those who are
“It’s not like they were discussing
a serious condition,” Owens said.
rot can stoke concern
and panic about
literal brain content creator in
Jacksonville, Fla. who
slang. The tool was meant to be a bit
of a joke, he said, until he realized
chronically online,” said Jackie Ni, 22, “They were using it in a positive young people and deterioration. runs more than 20 that people were actually using it on
a Columbia University student who way to refer to the stuff they liked their screen time. But meme pages across things like Bible verses, textbooks,
is currently taking a gap year. to watch, or a language they use to social media users platforms like Face- fan fiction and AP Biology notes.
(For those wondering, NPC stands watch TikTok together.” It’s almost say it implies a cer- book and Threads. Goeyardi, who tutors students,
for non-player character and skibidi a mark of pride, she said, certifying tain degree of self-awareness— “But I don’t think it is. We know also said she had found some suc-
Ohio rizz is a lighthearted jab at any- you as a card-carrying member of a knowing that you have consumed that the content is dumb, at the cess using brain rot slang to help
thing Gen Alpha finds peculiar.) certain generation, or at least clued so much online content that you end of the day.” students and followers understand
Brain rot has its own lexicon that into their inside joke. can understand even the most Some creators have leaned into complex terms.
includes internet slang like “skibidi “Each generation uses their own niche references and jokes. There’s the silliness. Earlier this year, Heidi “After Covid, the majority in my
toilet” and viral videos, such as an version of brain rot to do the same even a word for that: Teens and Becker, 28, was looking for ways to audience feel like they don’t know
VICTORIA ROSSELLI

old clip of Barron Trump saying “I thing,” Owens said. “If you have a young adults often proclaim their promote secondhand shopping at how to study,” she said. “This is a
like my suitcase!” mixed with synth- really stressful job and you had a brains as “cooked” after spending her vintage store in Pennsylvania’s really good way of compromising, in
heavy club music. horrible week, you probably really hours consuming memes online. Pocono Mountains region. So she my opinion”—one where brain rot
Patricia Goeyardi, 23, a content look forward to going home and “I think there’s this big stigma posted a video where she strung begets brain expansion.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Monday, December 9, 2024 | A12A

.
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on
us ,
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al a
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m er
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no
A12B | Monday, December 9, 2024 NY / NE THE WALL STREET JOURNAL.

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Who adopted who?

n-
no

Adopt a teen.
You can’t imagine the reward.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, December 9, 2024 | A13

ARTS IN REVIEW

THE BEST MUSIC OF 2024 | MARK RICHARDSON

Pulling Sounds
From the Past

.
“What Now,” touched
on the psychedelic soul

ly
Artists such as MJ Lenderman, the Cure and Waxahatchee of the late ’60s and
early ’70s—think Sly
marshaled retro influences into creative contemporary work—with Stone and the Isley
playful pop star Charli XCX the future-facing outlier on Brothers—on songs
about inner turmoil

O
and self-doubt.
Pakistani-American
ne of the biggest mu- tory to say something important drummer, Australian Jim White, singer Arooj Aftab
us ,

sic-industry stories in about where we are now. also returned with a new LP from ranged even further
l

2024 was the explosion Sometimes, these records came his primary group, Dirty Three. On across time with her
e
al a

of country: Beyoncé from artists who first made an im- “Love Changes Everything,” that brilliant “Night Reign.”
made a country record pact decades ago and are still oper- trio’s sweeping and dramatic in- In her work, a ’40s
with “Cowboy Carter” ating at an improbably high level. strumentals, powered by violinist jazz standard fits eas-
ci on

and so did fellow pop star Post Ma- Most recently and most notably, Warren Ellis, still generated goose- ily alongside lyrics
lone with “F-1 Trillion”; among the that included the Cure’s early No- flesh three decades into the from a 19th-century
first No. 1 albums of the year on vember LP “Songs of a Lost group’s career. Clockwise from top left: Dirty Urdu poet, all tied together by Ms.
the Billboard 200 was Morgan Wal- World.” The goth-rock legends These artists had their break- Three, English singer Charli XCX, Aftab’s evocative voice and deep
len’s long-tail 2023 smash “One hadn’t released a studio set in 16 throughs in the ’80s and ’90s, and and Arooj Aftab. gift for atmosphere. “Endlessness,”
er s

Thing at a Time”; the year’s domi- years, but the new offering seemed several excellent records from gen- the second LP from London-based
nant single by far is “A Bar Song to pick up their story from even erations born during those decades composer and multi-instrumental-
m er

(Tipsy)” by Shaboozey. Even Lana further back, when they were mak- took direct inspiration from the he gets off a good joke, and he ist Nala Sinephro, was issued in
Del Rey is supposed to have a ing their seminal work in the music of that era. Singer-song- doesn’t take himself too seriously. September by the U.K. electronic
country-leaning record on the way. 1980s. “Songs of a Lost World” writer MJ Lenderman’s “Manning Mr. Lenderman also contributed to imprint Warp. Her music, like Ms.
The style took up so much space in found the band’s leader, Robert Fireworks” combined the droll the sixth album from Katie Crutch- Aftab’s, defies easy categorization.
part because it’s so adaptable— Smith, in exceptional form, shifting asides and slack rhythms made fa- field’s alt-country group, Waxa- It’s essentially spiritual jazz with
m rp

rapping, electronic beats and other the focus of his songwriting from mous by Mr. Malkmus’s cohort with hatchee. She had the unenviable ambient underpinnings, loosely in
stylistic markers that would once doomed romance to the grim real- Neil Young’s countrified warmth. task of following up 2020’s “Saint the same vein as Outkast member
have seemed foreign to country lis- ity of mortality. His writing is strong enough for Cloud,” one of the best records of André 3000’s much-touted left-
teners are now common. Genre is The Hard Quartet, a supergroup him to be recognized as an impor- the decade, yet “Tigers Blood” turn on flute from last year. This
said to be more fluid in today’s of Gen X indie-rockers, also deliv- tant new voice in rootsy indie rock, turned out to be a worthy sequel, quietly thrilling release stands out
co Fo

TikTok world, and the future, we’re ered a collection that exceeded but he often seems happiest when illuminating small moments of in a crowded field, driven by Ms.
told, will see endlessly multiplying even the loftiest expectations. Ste- hope and despair with Sinephro’s glistening harp and oth-
sonic hybrids that we would have phen Malkmus of Pavement is a poet’s eye without erworldly synthesizers.
difficulty imagining now. more or less the project’s front- forgetting the hooks. So many outstanding records in
But while of-the-moment trends man, singing lead on most of the The more distant 2024 drew heavily on the past, but
like genre fusions and AI-powered eponymous album’s tunes, and he past serves as a refer- one of the very best wanted only to
production may well be the sound attacks the songs with a wild en- ence point for folk look ahead: Charli XCX’s “Brat” was
of tomorrow, many of the finest al- ergy and focus not found in his singer and songwriter easily the most memorable pop al-
bums of 2024 took a different tack: solo work in some time. But songs Jessica Pratt. “Here in bum of the year, an idiosyncratic
This was an especially fertile pe- from Matt Sweeney and Emmett the Pitch” was an en- and effortlessly catchy batch of
riod for records steeped in sounds Kelly, both of whom have played chanting expansion of songs sturdy enough to outlast a
from the past, issued by veteran with many smaller bands, were her earlier sound, situ- vast mountain of hype. Set aside, if
artists and newcomers alike. As my just as good. The Hard Quartet’s ating her strummed you can, the times you heard the
n-

look at 10 of the year’s best LPs acoustic guitar and re- title used as an eye-rolling cultural
shows, this time-traveling ap- verb-drenched voice in meme and return to its songs with
proach wasn’t necessarily a retreat Clockwise from right: Robert Smith a full-band setting. The fresh ears: You’ll find a brilliant
to the realm of the familiar, but of the Cure, the Hard Quartet, and dreamy vibe and clas- collection of playful electro-pop
no

rather used styles from across his- Jessica Pratt. sic-pop arrangements oozing with personality, something
brought to mind pro- that was in relatively short supply
ductions of the ’60s among the English singer’s peers.
that were designed for The artistic and commercial suc-
a dashboard’s AM ra- cess of “Brat” suggests it’s ready
dio, and her melodies for a comeback.
stand with that pe-
riod’s best. A different Mr. Richardson is the Journal’s
world of music in- rock and pop music critic. Follow
spired Brittany How- him on X @MarkRichardson. Check
ard, best known as the back each Monday for more Best
singer from Alabama of the Year coverage, and find a
Shakes. Her excellent complete collection of it online at
second solo album, wsj.com.
CLOCKWISE FROM TOP LEFT: ANNABEL MEHRAN; BILLBOARD/GETTY IMAGES; SHREYA DEV DUBE; SAM ROCKMAN; MALCOLM DONALDSON; SAMUEL HESS
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Monday, December 9, 2024 * ***** THE WALL STREET JOURNAL.

SPORTS
The College Football Playoff Is Set
SMU earned a spot in the inaugural 12-team bracket despite a loss in the ACC title game, while Alabama was left out

BY LAINE HIGGINS Georgia, meanwhile, will face

the winner of Indiana vs. Notre
Dabo Swinney has a history of Dame, while SMU travels to Penn
playing spoiler for Alabama. From State, the sixth seed, for an oppor-
2017 to 2019, the Clemson head tunity to play Boise State in the
coach won two national champi- quarterfinals. A Big Ten rematch
onships by besting the Crimson could loom in the Rose Bowl,
Tide. where Oregon awaits the winner
Swinney’s Tigers’ squad this of Tennessee’s game at Ohio State.
year is a far cry from those title- At the same time, the final set
winning predecessors, with three of rankings may lead teams to
ugly losses. But thanks to the tra- question the merits of playing in a
jectory of a walk-off 56-yard field conference championship game in
goal kicked just before midnight, the future. Consider how things
Clemson effectively ruined Ala- shook out in the SEC.
bama’s season once again. Georgia may have benefited the
By overcoming SMU as time most of anyone by jumping into
expired in their conference cham- the top four and earning a first-
pionship, Clemson jumped all the round bye. But it came at a steep
way from 17th in the rankings to cost: starting quarterback Carson
an automatic berth and the No. 12 Beck injured his throwing arm in
seed for the sport’s inaugural 12- the final play of the first half and
team playoff. As a result, SMU slid missed the second half of the
down the College Football Playoff game (he came in to make one
selection committee’s rankings handoff in overtime). The severity
from eighth to No. 10 and left Ala- of Beck’s injury is unknown and it
bama on the outside looking in. isn’t clear whether he will be
If Sunday’s bracket reveal healthy in time for the team’s
proved anything, it’s that no mat- quarterfinal matchup at the end of
ter how much the College Football this month.
Playoff expands, people will find a The Longhorns, who entered
reason to fixate on snubs and ar- the weekend as the favorites to
gue over which teams deserve to secure the SEC’s bye, saw their
make it. Thanks to a cluster of layoff cut in half. Instead of wait-
teams with two or more losses, ing until New Year’s Eve to play,
the selection committee was left they’ll be back in action on Dec.
struggling to parse whether a 21.
team’s win total or its strength of “We essentially have a bye to
JACOB KUPFERMAN/AP

.
schedule mattered most. get ready for that game,” Texas
“There’s really no right an- coach Steve Sarkisian said on Sat-

ly
swer,” said ESPN analyst Kirk urday night. “Now it’s our job to
Herbstreit. kind of regroup and get ourselves
Ultimately, they decided that a as healthy as we can to go com-
team should not be penalized if
their schedule happens to be
weaker—they can only play the
opponents set before them and few things to help clear up the
on
Clemson’s Nolan Hauser booted a 56-yard field goal as time expired to beat SMU in the ACC championship.

home to Northern Illinois in Sep- State, a team that was projected

pete in a playoff.”
Penn State and SMU also will
face quick turnarounds before be-
ginning their national champion-
control whether they win or lose. picture for the committee. As the tember. to finish last in the Big 12 but ship bids.
us ,

“We value strength of sched- lone undefeated team left stand- But everything else was kind of somehow wound up as the confer- With a loss to Oregon on Satur-
l

ule—that’s why Alabama as a ing, Big Ten newcomer Oregon re- squishy. The biggest question was ence champions. day, the Nittany Lions are now
e
al a

three-loss team is ranked ahead of mained as the No. 1 seed and the how far teams that lost their con- Texas was rewarded for taking 1-18 against top-five teams under
several two-loss teams,” selection front-runner to win the national ference championship games— the SEC championship into over- head coach James Franklin. In the
committee chairman Warde Ma- championship. Georgia, which de- Texas, Penn State and SMU— time by getting a favorable post- old format, that sort of damning
ci on

nuel said. “But the balance of it, feated Texas in the Southeastern would fall in the rankings and season path as the fifth seed. The statistics would likely have kept
the way SMU played in that game, Conference championship, was a which conference champions out- Longhorns will host Clemson at the Nittany Lions from making the
losing on a last-second field clear choice for No. 2, despite side of the Big Ten and SEC would home in the first round and, playoff.
goal…We just felt that SMU still picking up two losses in SEC play. receive first round byes. should they advance, would play Now, with an expanded field,
had the nod.” Notre Dame was left sitting pretty In the end, the byes were in the Peach Bowl against Arizona there’s a little more wiggle room.
er s

The weekend’s slate of confer- at No. 7 despite having the most awarded to Boise State, the Moun- State—the lowest ranked team “Our season,” Franklin said, “has
ence championship games did a confounding loss of the year—at tain West champion, and Arizona with a bye. just begun.”
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 24 Grant of The New York Mets Land Soto
m rp

“North by
13

16 17
14 15

18
Northwest”
25 Vicinity With a $765 Million Contract
26 Shaving
co Fo

19 20 21 goof BY JARED DIAMOND

29 Screw up
22 23 Juan Soto knew he liked
30 Count starter playing in New York after
24 25 26 27 31 Angelic glow spending the past year
crushing baseballs in the
28 29 30 31 32 33 32 Frenzied
Bronx. He just wasn’t sure if
33 “Ah, he loved it enough to remain
34 35 36 37 understood!” a New York Yankee.
35 Withdraws, So Soto decided to ven-
38 39 40 ture out onto the free-agent
as testimony
market to discover what he
41 42 43 36 Forays wanted most in life. When
n-

37 They’re pointy he met Steve Cohen, the bil-

44 45 46 47 48 lionaire hedge-fund manager
on Vulcans
who owns the New York
BRAD PENNER/REUTERS

49 50 51 52 53 41 Quiver Mets, he found his answer:

contents
no

more money than any ath-

54 55 56 42 Quenches lete has been given in the
history of professional
57 58 59 43 Be a snitch sports.
44 Gate feature Soto, one of the game’s The Mets landed Juan Soto with a 15-year, $765 million deal.
60 61 62 elite sluggers, has agreed to
45 Without ___
a 15-year contract with the
in the world
Mets worth a mind-boggling defer the overwhelming ma- has to a living, breathing
FINAL SCORES | By Mike Shenk 46 Tiresome $765 million, an unprece- jority of his salary, signifi- hitting robot. He almost
Across 29 Julianne of 57 Ships’ staffs 11 Yogurt shop talkers dented figure for a once-in- cantly changing the calcula- never chases balls out of the
“Still Alice” option 47 Missouri a-generation talent that tion. The commissioner’s strike zone—and then abso-
1 Shoe brand 58 Mean shatters every conceivable office considers the true lutely obliterates pitches in-
with a 31 Yes, in creature 12 Outperforms tribe
economic record. value of Ohtani’s contract to side it. His career on-base
leaping cat Yokohama 59 Egyptian 15 Scheming 48 Publicly In the process, Cohen be roughly $460 million, af- percentage of .421 ranks
logo 34 Overnight goddess of sort condemn sent a resounding message ter accounting for inflation. among the best of all time,
5 Renown repeats, of fertility 51 Bud holder that quickly reverberated Soto and his agent, Scott while his .953 OPS tops all
17 Went like
sorts across an industry in shock Boras, blew past Ohtani by active players besides Judge
9 Zodiac sign 60 Gas brand lightning 52 “Got it, at the extent of his largess. so much that the two deals and Mike Trout.
between 38 Shaggy- with toy 21 Museum daddy-o” Under his leadership, the hardly belong in the same Soto’s rare combination
Twins and haired ox trucks worker once-hapless Mets are more conversation. Soto’s new of power and patience at the
53 Gas brand
Lion 39 Moves 61 Ottoman north of the than just the powerhouse of contract with the Mets, plate has drawn compari-
22 “Turn Me
13 Agate used cautiously governors border New York—they are now the which won’t become official sons to Ted Williams.
Away (Get
for cameos pre-eminent destination for until he passes a physical, But the statistic that ulti-
40 Plant with 62 Snap- MuNNY)” 55 Hope of the brightest stars in base- contains no deferrals at all, mately made Soto such an
14 Slightly soothing together singer Erykah comedy ball. though it allows him the op- alluring target had nothing
properties block brand portunity to opt out after to do with his performance
15 Strait-laced 23 Online 56 Gusher The proof is that Cohen
sort 41 Base’s Down journals output outbid the Yankees, an or- five seasons. Heading into on the field. It was his age.
counterpart 1 Cooking ganization not accustomed the offseason, there was lit- Soto, who hails from the
16 Openings in a Previous Puzzle’s Solution to losing out on players for tle doubt Soto would beat Dominican Republic, was
TV schedule 42 Any drive or containers
E M T C A R N A L C H A O financial reasons, least of all Ohtani in terms of present- just 19 when he reached the
putt, in golf 2 Foot, fathom MA R U S A B L E H O R N
18 Gives for a to their crosstown rival in day dollars. Few could’ve major leagues in 2018 and
44 Canine or furlong U P I N T H E A I R A R C H
while F E E G O O R H O
Queens. The Yankees’ final imagined that he’d beat him only recently celebrated his
cross-breeds 3 “What have O P E C MA C H I N E O I L offer was $760 million over by this much. 26th birthday. Premier play-
19 Pig’s place
49 Oak droppings we here!” MO C K A B U T E R R E D 16 years, or an average an- What’s remarkable about ers almost never become
20 Washed out N E T F R E T AM I nual value of $47.5 million, a Soto’s historic contract is free agents that young.
50 Barking beast 4 Chopping tool I MA R R I E D A N A N G E L person familiar with the that by just about any mea- The Washington Nation-
21 Argue E E E O L I N A G O
51 Compete 5 Carol refrain matter said. With Cohen and sure, he isn’t the best player als, Soto’s first employer,
22 Places for I N C A N OWE S D R AM
G O O D C H A N C E R Y N E the Mets, Soto got $51 mil- in the major leagues. He tried desperately to convince
piercings, 54 Deck for 6 Ring-shaped lion. might not even be the best Soto to accept a long-term
N O R H O T S A C
perhaps divination reef O G R E O B L I G A T O R Y Upon first glance, the raw player in New York, at least extension while he was still
55 Postpones 7 Pirate address R I A L H A L T E R L E E numbers suggest that Soto’s as long as Aaron Judge is under their control. They
24 Nation with E E L S A R C A N A E O N
the most until final 8 Mag. workers payday with the Mets barely wearing pinstripes. Nonethe- even dangled $440 million in
The contest answer is NIGER. Ten clues end
coastline stages, as with names of countries, and each of the five
surpassed the 10-year, $700 less, there are two primary front of him at one point,
contract 9 Bring into theme answers is the anagram of two of those million pact that Shohei reasons to explain why Soto which would have been a re-
27 Behind costs, and a being names plus one letter: UP IN THE AIR = HAITI Ohtani signed with the Los commanded such an enor- cord at the time. Soto said
+ PERU + N; MACHINE OIL = CHILE + OMAN + Angeles Dodgers last Decem- mous sum. no. He believed he could do
28 Like the hint to the 10 Cost as I; I MARRIED AN ANGEL = ARMENIA +
Sahara circled parts much as IRELAND + G; GOOD CHANCE = CHAD + ber. The first, of course, is his even better if he waited to
CONGO + E; OBLIGATORY = LIBYA + TOGO + But that doesn’t tell the otherworldly abilities. Soto test free agency—and he was
▶ Solve this puzzle online and discuss it at WSJ.com/Puzzles. R. The added letters spell the contest answer. entire story. Ohtani opted to is the closest thing baseball right.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Monday, December 9, 2024 | A15

OPINION
How Progress Builds on Itself BOOKSHELF | By Sam Kean

“If I have
seen further,
it is by stand-
the cable, which then moved
engineers across the ravine
taking ten minutes to cross.”
vel. According to Wired Mag-
azine, just one of Taiwan
Semiconductor Manufactur-
ments until our lives were
changed for the better.
It’s easy to fall off or be
A Disease
ing on the
shoulders of
giants,” Isaac
Newton wrote
Then add steel trusses, rail-
road tracks and asphalt and
you have a usable crossing.
It’s now frequented by bungee
ing Co.’s foundries delivers a
quintillion transistors to Ap-
ple every six months. That’s
a one and 18 zeros, starting
pushed off the leading edge.
Faster productivity doesn’t
just happen. Government
shouldn’t pick winners and
Of Deficiency
INSIDE
in 1675 to jumpers. to rival the number of stars losers. Instead, productivity
VIEW
polymath The bridge was a long shot in the universe. Use AI to de- takes tireless scientists and
Starved for Light
By Andy
R o b e r t followed by many, many, sign new AI? Already hap- engineers to experiment con- By Christian Warren
Kessler
Hooke. That many repeated improvements. pening. Will we have robots stantly with tiny improve- Chicago, 288 pages, $30

R
expression is We’ve come a long way from designing newer robots? Of ments until the rest of us see
often used to explain prog- Newton’s being hit on the course. That’s progress. what feels like huge gains in ickets is one of those diseases that seem incredibly
ress: inventors and entrepre- head with an apple to SpaceX what we can do. old-fashioned. It’s difficult to comprehend, now, how
neurs building on the work of rocket launches. Back in my Our future depends on widespread this bone ailment once was: In some cities
many others. I don’t like it. engineering and chip-design- Before you know it, a this model. Autonomous less than a century ago, 90% of children showed symptoms
Stack too many smart folks ing days, a friend was as- cars and robo-taxis, almost of rickets during wintertime. But ubiquity has its benefits. In
on top of each other and tounded: “Wait, you use com- series of small steps ready for prime time, are “Starved for Light,” Christian Warren convincingly argues
things become slow-moving puters to design new accumulates into a soaking up ever-faster chips, that modern medicine would be unrecognizable without the
and get wobbly fast. computers?” Well, yes. AI, mobile broadband and many advances in treatment that trace their roots to this
Here’s a better analogy: The original Bell Labs tran- giant leap forward. vision systems. The same is once-widespread disease.
One of the most awe-inspir- sistor, patented in 1948, true of augmented-reality Rickets results from a lack of vitamin D, which we need to
ing places in the world is Vic- looked like a mutant grass- glasses, productive personal help shuttle calcium and phosphorus into our bones. Our
toria Falls, on the Zambezi hopper. Starting in 1958, What is astounding is the assistants, and personalized bodies manufacture vitamin D whenever ultraviolet sunlight
River between Zambia and Texas Instruments and then rate of acceptance. OpenAI’s medicine. hits our skin; we can also get it through food. A deficiency in
Zimbabwe. The locals call it Fairchild each put eight of ChatGPT had a million users Basic research of all types vitamin D causes the softening and bending of bones charac-
Mosi-oa-Tunya, which trans- these transistors on one de- within five days of its late should be encouraged. Let teristic of rickets; victims are often left bowlegged or knock-
lates to “smoke that thun- vice, an integrated circuit. 2022 release. Five days! Two many ideas flourish as indus- kneed, or with curved spines or misshapen pelvises. The
ders.” At 355 feet high and Thirteen years later, Intel years later, it has 300 million trial policy doesn’t work. In- worst cases leave babies
over a mile wide, it’s the larg- connected 2,300 transistors weekly users. That’s not the stead, success is like throw- unable to crawl or even sit up
est sheet of falling water in together and created the mi- shoulders of giants, that’s ing spaghetti against the wall, straight.
the world. I stood on the croprocessor—the brains of a super-express lanes across a seeing what sticks. In tech- Cases of rickets date back
precipice of the falls on Liv- computer on a chip. Around divide. nology, this often takes place to at least ancient Egypt, but
ingstone Island and looked the same time, we got silicon It’s the same for the rest of inside big companies— incidents of the disease
down. It scared the living modems to communicate over science. The first hormones Google, Samsung, TSMC, Mi- exploded in Europe in the
daylights out of me. phone lines. were discovered in 1902, and crosoft. In pharma, it’s often 1600s. At first it struck the
In the distance was Victo- Then it was off to the insulin in 1921. But it wasn’t government grants that drive pampered elite, who sat
ria Falls Bridge, built in 1905. races. Broadband over cable until 1984 that we saw gluca- basic research. Don’t DOGE it. indoors all day while the peas-
The bridge is 650 feet long lines and fiber. The web with gon-like peptide-1, or GLP-1, We need both. ants toiled: King Charles I of
and 420 feet above the rush- browsers and servers, cloud which stimulates insulin. Much like Victoria Falls, England likely suffered from it,
ing river. According to Zimba- computing, social networks, Even then, it took roughly 20 inventing the future is al- as did several Medici children.
bwe Field Guide: “The ravine smartphones, software as a years for the FDA to approve ways about staring over a Later, the Industrial Revolution

.
was bridged by firing a rocket service, Uber, Airbnb, plus the first GLP-1 treatment for large precipice, with no idea shifted the burden onto the
with a thin string attached neural networks, machine type 2 diabetes and another how to get across. But the urban poor, moving farmworkers

ly
from one bank to the other learning, artificial intelli- decade until approval for answer is simple. Shoot a indoors to factories and leaving
which was hauled across pull- gence, large language models weight loss in 2014. Today, metaphorical rocket with a children to grow up in sunless tenements. Rickets wreaked
ing after it a thicker cord, and now chatbot companions. the number of diseases GLP-1 thin string attached to the havoc in American cities well into the 1900s.
then a rope, and finally a
steel cable was hauled across.
A bosun’s chair was strung to
Each had a unique business
model.
Today’s “bridge” is a mar-
on
affects continue to grow. It
took a quantum leap and then
slow and steady improve-
other side. And then send in
the engineers.
Write to [email protected].
Although the cause of rickets remained obscure for centu-
ries—doctors blamed everything from the adulterants in
bread to congenital syphilis and overfrequent gambling—Mr.
Warren, a professor of history at Brooklyn College, details
how efforts to treat rickets spurred a number of modern
us ,

Measuring Milei’s Argentine Progress medical practices. The need to steady the legs of victims and
l

reshape their bones, for instance, led to advances in orthope-

e
al a

dics. The discovery of vitamin D in food helped stimulate the

Buenos Aires inauguration Mr. Milei was relied on inflation-driven cuts The Massachusetts Institute study of nutrition and balanced diets. The rash of young
On a wall out- careful to warn the nation that to social spending and public of Technology-trained econo- women who died in labor due to narrowed birth canals—a
ci on

side the office recovery would be painful. investment rather than on mist told me that he came to consequence of pelvises warped by rickets—led to giant
of Argentina’s He’s been right. The economy structural reforms.” the government having spent a strides in obstetrics as well as the medicalization of child-
deregulation is expected to contract 3.5% Mr. Milei has backed off his year and a half mapping the birth and a shift away from midwives and home births to
czar, Federico this year and annual inflation campaign promise to close the country’s regulatory land- physician-aided births in hospitals. (This shift included the
AMERICAS Sturzenegger, will finish 2024 near 120%. central bank and dollarize, scape. He identified more than rise of the cesarean section, a once-rare procedure that in
er s

hangs a kind Even so the president’s public which could turn out to be a 4,000 laws, 70,000 decrees some countries now accounts for half of all births.) More
By Mary
of countdown approval is above 50%. He fatal miscalculation. Exchange and countless resolutions that uncomfortably, a series of experiments to study the dis-
Anastasia
m er

“clock.” It reg- scores higher in public trust and capital controls remain in discourage investment and en- ease—including one in 1934 that involved confining black
O’Grady
isters—not in than any of the past three place and the peso is over- trepreneurship, bar competi- orphans to a sunless room for 19 weeks—galvanized an
hours and presidents after 12 months in valued, making the country tion and damage productivity. incipient medical-ethics movement and spurred calls for the
minutes but in days—the time office. very expensive in dollar terms. Price differentials between humane treatment of experimental subjects.
remaining until the expiration Milei supporters are con- Cristina Kirchner, convicted in the international and domes- Mr. Warren’s book proves weaker when the author shifts
m rp

of a special law that grants vinced that things would be a $1 billion kickback case in tic market are one measure- to the social aspects of rickets. One extended section ana-
President Javier Milei’s gov- much worse if not for their 2022, is now head of the Per- ment he uses to prioritize his lyzes the use of the term “bowlegged” in newspaper articles,
ernment sweeping legislative chain-saw-wielding president. onist party that has a plurality agenda because wide varia- including its application to historical figures such as John
powers for one year. Congress He’s their David fighting the in both congressional cham- tions often signal barriers to Wilkes Booth and the baseball player Honus Wagner.
passed the law in June. Last Goliath state, a reckless cen- competition. It’s no coinci- “Descriptions of rickety Americans filled popular periodicals
co Fo

week, when I called on Mr. tral bank and regulatory cap- dence that Argentines pay and the daily news,” he notes, “adding the insult of social
Sturzenegger, he proudly drew ture by special interests—from A year into his rule, five times what Spaniards pay stigma to the injury of rickets in their skeletons.” But it
my attention to the illumi- labor unions and nongovern- for medications and that the seems unlikely that all references to bowlegs automatically
nated sign, which read “217 mental social organizations to the reform effort is local pharmaceutical industry indicated a case of rickets—especially since many of Mr.
days left.” domestic producers. The re- working, but time is is heavily protected by regula- Warren’s sources are humor pieces. The same goes for the
Argentina is a regulatory cession is probably over and tion. I was surprised to learn
nightmare in which red tape, next year the economy might running short. that importing some used
growing like kudzu over gen- grow 4% to 5%. Country risk capital goods is prohibited Rickets first struck the elite, who sat indoors
erations, chokes off innovation has fallen sharply. Inflation and in other cases unbearably while peasants toiled. The Industrial Revolution
and risk-taking. Mr. Sturzeneg- still isn’t whipped—prices are bers. Mr. Milei’s negotiations cumbersome. But not for
ger is charged with cutting it forecast to rise around 30% in with her are making advocates long, Mr. Sturzenegger said. shifted the burden onto the urban poor.
down to size. He also leads the 2025—but relative to recent of the rule of law and institu- Last week he announced on X
“transformation of the state.” history it’s tame. For now he tions nervous. that the ministry would elimi-
n-

But once the omnibus law ex- can boast a softer-than-ex- Changes at the micro level nate the bureaucratic com- 19th-century ads for runaway slaves, given that the people
pires, his super powers will go pected landing and some sta- are more promising. Early on plexity required to start a placing them often indulged in gross stereotypes. Drawing
with it. If the government has bility, which a year ago in his tenure Mr. Milei used business and streamline prod- conclusions about rickets based on such sources seems risky.
to go back to negotiating with seemed out of reach. emergency powers to elimi- uct registration. The author is on a stronger footing when it comes to the
no

Congress—where Mr. Milei’s Skeptics have reason to nate rent control and amend A web portal that welcomes connection between race and rickets. Mr. Warren wrote his
Liberty Advances party is in fret. The government brags scores of other economically comments from the public has book to investigate whether rickets might be a “race-spe-
the minority—reform is likely that it has reached fiscal bal- repressive laws. Mr. helped Mr. Sturzenegger iden- cific” disease. People with darker skin have more melanin,
to slow down at best. Thus the ance. But as a recent paper by Sturzenegger’s task is to tify “themes.” He’s discovered which blocks ultraviolet light; they therefore need more
clock: Mr. Sturzenegger is a economists Sebastian Galiani deepen and broaden what Mr. a rough rule of thumb: Where exposure to sunlight to make vitamin D. Some scholars have
man on a mission. at the University of Maryland Milei began by dismantling the deregulation happens, prices speculated that the trans-Atlantic slave trade, in bringing
Mr. Milei begins his second and Santiago Afonso at the legal architecture guarantee- decline in the range of 30%. He black people from sun-rich, equatorial Africa to less-sunny
year in office on Tuesday. He University of Buenos Aires ex- ing many other privileges and has seen it in textiles, logistics North America, might have induced a “latitude mismatch,”
inherited a large fiscal deficit, plains, Milei technocrats used protections to organized and some agricultural prod- resulting in poor health among the modern descendants of
swelling debt and a 2023 infla- surging prices in the first six groups (aka rent seekers) at ucts—and the deregulation job slaves.
tion rate of more than 200% months of this year to get the expense of the wider popu- is only 20% along. That’s good Black people did suffer from rickets at a higher rate than
from Peronist former Presi- there. “The administration,” lation. “Their power is written and bad. The clock is ticking. other races through the 19th and early 20th centuries, Mr.
dent Alberto Fernández. At his the authors write, “has heavily in the law,” the minister says. Write to O’[email protected]. Warren tells us. But other factors played a much bigger role,
among them malnutrition and “confinement in some varia-
tion of New York’s five-floor railroad tenement with its

When Santa Brought Cigarettes twenty-five by one-hundred footprint and dark and mias-
matic interior.” The epidemic of rickets, the author con-
cludes, was thus “the result of a thousand other choices
By Bob Greene had its own annual holiday year! Here’s a holiday carton Como and Bob Hope, to pose in driven not by race, but by racism.”

A
carton and, to promote it, full- of Parliaments! (Printed on the Santa hats trimmed with white This conclusion gets muddled at times, lost amid endless
s Christmas shopping be- page ads featuring a Christ- Parliament carton were the fur and bow ties made of holly asides and caveats. And it isn’t the only instance where Mr.
gins, tens of thousands of mas tree hung not with tinsel opening lines of “The Night and berries. Philip Morris put Warren proves longwinded: There’s an entire chapter, for
products are competing but with packs of cigarettes. Before Christmas.”) Lucille Ball and Desi Arnaz on instance, on cod-liver oil, a vitamin D-rich supplement that
for people’s dollars. But for de- The holiday promotions In those years, when ciga- its Christmas cartons. doctors often prescribed to counteract rickets in the
cades, there was one ubiquitous were designed to answer a rettes could be purchased Camel had the biggest late-19th and early-20th centuries. A few pages of analysis
and wildly popular gift that question for America’s fami- cheaply from machines in just Christmas celebrity of all, and on the topic might be justified, but a whole chapter on the
shoppers nationwide eagerly lies: What should we give the about every restaurant, tavern, didn’t have to pay him a penny: cod-liver industry and its advertising practices is a bit much.
purchased—a present that now mailman for Christmas? The gas station, railroad terminal Santa Claus holding a giant Given how disgusting cod-liver oil tastes, some countries
sounds like something un- and sports arena in the coun- carton of the product. Pall Mall began combating rickets by adding vitamin D to milk in the
earthed from a time capsule. try, it was the special Christ- did Camel one better: Santa 1930s—an odd choice, since milk contains no vitamin D natu-
Each mid-20th-century De- A festive carton was a mas packaging that drove the smoking—with a cigarette in rally. (Amusingly, Mr. Warren calls the practice an “in
cember the gift was on display popular 20th-century December sales push. his right hand and a white uddero” health intervention.) The choice seems even odder,
just about everywhere. It was Actor Ronald Reagan, extol- plume coming from his mouth. the author wryly notes, when there’s a much simpler solu-
manufactured by multiple Christmas present. ling Chesterfield’s carton The tobacco companies tion to preventing rickets: going outside for a few minutes.
companies and relentlessly (which featured a horse-drawn must have thought it would go Instead, we’ve effectively turned “a dairy product into a
advertised in magazines. Part sleigh in the snow), smiled in on forever—the can’t-miss drug-delivery device,” severing the ancient interplay between
of its appeal was that it re- milkman? Our dentist? The magazine ads with a Chester- market every December, as lit- “sun, skin, and bone.”
quired no wrapping paper; the children’s teachers? Our pas- field dangling from his lips. tle Johnny and Sally trotted Several factors have led to a resurgence of rickets in the
box in which it came was its tor? The guy who fills our tank “I’m sending Chesterfields to off to school with the gift 21st century, among them a drop in milk consumption, new
decoration. down at the Sunoco station on all my friends,” he proclaimed their parents knew the third- entertainment options that keep children indoors for
“Get Lucky. Give Luckies. In Main Street? in the ad copy. “That’s the grade teacher or gym coach extended periods of time, and public-health campaigns
the Handsomest Holiday Car- Christmas cartons of cigs merriest Christmas any would adore: against skin cancer that have parents slathering their off-
ton of All,” advertised Lucky were the easy solution. In an smoker can have—Chesterfield A carton of king-size Win- spring in sunscreen every time they cross the street.
Strike cigarettes, boasting era when smoking was omni- mildness plus no unpleasant stons, with Santa’s reindeer in “Starved for Light” shows that vitamin D deficiency and its
about its white carton fes- present, there was no contro- after-taste.” full festive frolic on the front. consequences are sadly relevant once again.
tooned with an illustration of a versy or stigma about giving Chesterfield didn’t place all
green wreath with berries the cigarettes as gracious pres- its Christmas eggs in Reagan’s Mr. Greene’s books include Mr. Kean is the author, most recently, of “The Icepick Sur-
same shade of red as the logo. ents. Merry Christmas to you, basket. It paid Bing Crosby, “Chevrolet Summers, Dairy geon.” His next book, “Dinner With King Tut,” will be published
L&M, a competing brand, and good health in the new alongside Arthur Godfrey, Perry Queen Nights.” in July 2025.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

After the Fall of Syria’s Assad Who Are the Real Bullies in U.S. Public Life?

T
he weekend collapse at long last of the even heavily defended targets in Iran. Tehran’s In his op-ed “A Trump Voter Walks As a graduate and parent of a
Assad family regime in Syria is no cause mullahs couldn’t protect Hezbollah’s leader Has- Into My Office” (Dec. 4), Prof. Jona- graduate of the University of Pennsyl-
than Zimmerman asks to hear from vania, I see little current evidence
for mourning unless you are the leaders san Nasrallah, Hamas’s leader Yahya Sinwar, and
people who support Donald Trump. supporting Mr. Zimmerman’s claim
of Russia and Iran. The fall now Mr. Assad in Syria. All of Well, here it is: that school faculty would listen and
creates risks but also opportu- It’s a defeat for Russia this is the result of Israel’s dar- Where you see a “bully and charla- even learn from conservative
nity for a better Syria and a and Iran, and it offers ing and fortitude in self-de- tan,” I see courage and moral clarity. “truths.” Only when the elite schools
more stable Middle East. fense, even in the face of Mr. I see bravery when an assassin’s bul- actually believe in diversity of
The Kremlin said Sunday openings for Trump. Biden’s opposition. let strikes and Mr. Trump says, thought will they return to the mis-
that Bashar al-Assad had fled Mr. Biden is now barely a “Fight, fight, fight.” I see genuine sion that once made them the finest
Damascus, and Russian state caretaker President, but Mr. concern for hardworking Americans schools in the world.
media reported that he had been granted asy- Assad’s fall creates new openings for the Trump when he addresses them at a bodega. HARRY NOTHACKER
lum in Russia. It speaks volumes about Russia Administration. Donald Trump said on Truth So- I see moral clarity when the presi- Devon, Pa.
that it has become the ultimate protector of the cial before Damascus fell that the U.S. should stay dent-elect says to the Hamas murder-
ers: “There will be hell to pay.” Mr. Zimmerman had me until his
man who murdered more of his own people out of the conflict, but with Mr. Assad gone the
Now, we wait and see. sixth paragraph, where he explains, “I
than even his father, Hafez al-Assad. U.S. still has interests to protect in Syria. SONIA SCHWARTZthink Mr. Trump is a bully and a
i i i One interest is to block the rise of a jihadist Valley Stream, N.Y.charlatan, and I struggle to under-
The elder Assad took power in a coup in 1970 state or enclave in Syria. The U.S. has a small stand how anyone could support him.
and ran the country like a mafia regime. military base in Syria with a mission of protect- I am shocked and amazed that con- That’s precisely why I need to hear
Bashar’s older brother was supposed to succeed ing against the revival of Islamic State. Thou- servative students should feel free to from people who do.”
his father but died in a car accident. The youn- sands of ISIS fighters and families are detained speak their minds on Mr. Zimmer- He could have eliminated this en-
ger son, trained as an ophthalmologist, became by Kurdish forces in Syria. man’s campus, where Shakespeare tirely and still made his argument
the unlikely heir and the Baathist regime’s The rebel charge into Damascus was led by has been expelled from the English that it is wrong for universities to
bloodiest leader in putting down the various Hayat Tahrir al-Sham, which the U.S. has desig- department, a towering male has suppress conservatives. Why do anti-
dominated and intimidated the Trumpers always feel they must as-
opposition groups that sprung up with the Arab nated a terrorist organization. But its leader,
woman’s swimming team, and calling sure others they aren’t complicit?
Spring in 2011. Abu Mohammed al-Jawlani, broke with ISIS in for the genocide of Jews isn’t a viola- PAT SHAW
It’s worth recalling Barack Obama’s role in 2012 and al Qaeda in 2016 and has been saying tion of the school’s code of conduct, Davidson, N.C.
keeping Mr. Assad in power. Mr. Obama de- he wants a diverse government that tolerates
clined to support the opposition in any impor- minorities. The U.S. can engage with Mr. Jaw-
tant way and then refused to enforce his “red lani and test his sincerity. A stable Syria that
line” against Mr. Assad’s use of sarin and chlo- wants to rebuild rather than export revolution
rine gas to kill his own people. would be a welcome development.
Does Antitrust Target Cartels or Consumers?
Incredibly, Mr. Obama invited Russia to help Another U.S. interest is defending allies. Jor- Holman Jenkins, Jr. paints with too whole merger-review process is very
end the civil war. Vladimir Putin obliged by dan could become a renewed target for jihadist broad a brush when he proclaims fact-specific and thus requires heavy
joining with Iran to prop up Mr. Assad, elbow- revolt. Israel will also be wary of radical inten- “Antitrust Is the God That Fails and commitments of staff resources.
Fails” (Business World, Nov. 30). Mr. DONALD I. BAKER
ing the U.S. out, and establishing an air base tions and on the weekend bombed a chemical
Jenkins seems to draw this negative Washington
and a long-desired naval base on the Mediterra- plant used for weapons in Syria lest it fall into conclusion almost entirely from the Mr. Baker worked at the DOJ’s an-
nean. This misjudgment helped Iran expand its the hands of the next regime. The Kurds, who

.
Justice Department monopolization titrust division, 1966-75, and was the
Axis of Resistance from Tehran to Beirut. It also control parts of northern Syria, are friendly to case against Google. assistant attorney general in charge

ly
reversed the strategic triumph achieved by U.S. interests and are a target for Turkey’s Isla- He misses the importance of the of that division, 1976-77.
Richard Nixon and Henry Kissinger in the 1970s mist leader, Recep Tayyip Erdogan. below-the-radar efforts that most of
in minimizing the Soviet Union’s influence in i i i the Justice Department’s antitrust The only true monopolies are
the Middle East. on
Then there is Iran, which may respond to its
The fall of the Assad government is a defeat new weakness by accelerating its nuclear pro-
for Russia and Iran. It shows the Kremlin can’t gram. The Institute for Science and Interna-
staff are regularly engaged in. These
enforcement efforts are to find and
prosecute criminal conspiracies
among competitors not to compete
those established deliberately or in-
advertently by law (e.g., public utili-
ties and law enforcement). Compa-
nies that achieve a dominant market
always protect a client state, which could have tional Security, run by close Iran-watcher David
against each other (“cartels”); and to share in a free market succeed only
us ,

ramifications elsewhere as Mr. Putin tries to Albright, said Friday: “From today’s IAEA [U.N
review thousands of mergers and because they provide products and
l

build an anti-American axis with China. It’s a par- nuclear watchdog] update on Iran, it is clear then bring a small number of injunc- services that please their customers
e
ticular defeat for Iran, which loses its Alawite ally that Iran is instituting a capacity to make
al a

tion cases in court to try to block the better than their competitors’ do.
to what is likely to be a Sunni Arab government. weapon grade uranium, under the guise of mak- most anticompetitive. When their competitiveness de-
Iran’s arms supply route to its Hezbollah proxies ing 60 percent, at the Fordow underground en- The criminal-enforcement program clines or their competition improves,
ci on

in Lebanon will be disrupted. richment plant.” against cartels seeks to punish past their dominant market share quickly
None of this is the result of President Biden’s Mr. Trump will face an early decision on wrongdoing with substantial fines fades. As Mr. Jenkins notes, that sce-
foreign policy. Like Mr. Obama, his Middle East whether to destroy this capacity before Iran and jail sentences. These jail sen- nario unfailingly occurs in U.S. mar-
priority has been appeasing Iran. This culmi- gets a nuclear weapon. tences turn out to be the most effec- kets. Antitrust actions don’t protect
nated in the Oct. 7, 2023, massacre by Hamas Optimism is rarely warranted in the Middle tive form of deterrence vis-à-vis fu- consumers; they harm consumers by
er s

ture wrongdoing—which is why punishing and intimidating compa-

that led Iran and its proxies to imagine they had East, but realism and strength can increase de-
Justice Department anticartel efforts nies striving to earn market share.
Israel on the run. terrence. The Oct. 7 Hamas massacre is turning RICH BATEY
m er

are clearly more successful than

But Israel turned the tables, first by diminish- out to be a miscalculation for the ages, leading those of the European Union, whose Aliso Viejo, Calif.
ing Hamas in Gaza, then by eliminating Hezbol- to defeats for the forces of Mideast mayhem. antitrust authorities can pursue only
lah’s leadership, and demonstrating it can strike Mr. Trump can exploit the opportunities. administrative remedies. Mr. Jenkins’s strictures against an-
The merger enforcement teams titrust should have mentioned the
m rp

mostly seek to identify the few merg- one and best use of this suite of laws:
Donald Trump and the Dreamers ers that eliminate significant compe-
tition between actual or potential ri-
breaking up the monopoly of monop-
olies, government itself.

D
onald Trump sat for an interview with have to do something about the dreamers be- vals, and then to bring injunctive ROBERT L. BRADLEY JR.
NBC News that was released on Sunday, cause these are people that have been brought actions in court to block them. The Hunt, Texas
co Fo

and most of it was focused on the usual here at a very young age. And many of these are
media preoccupations of whether Mr. Trump will middle-aged people now. They don’t even speak
arrest his opponents or deport millions of illegal the language of their country. And yes, we’re go- Government ‘Investment’ Priorities Are Skewed
migrants. Readers can judge his comments. ing to do something about the dreamers.” Your editorial “Biden Tosses Rivian the wealthy now receives a “lifeline”
As we read the transcript, however, the most Ms. Welker: “What does that mean? What are a $6 Billion Lifeline” (Nov. 29) pro- to subsidize its field of dreams.
interesting note was what the President-elect said you going to do?” vides a perfect example of why gov- Meanwhile, altruistic general pedi-
about the so-called dreamers, who were brought Mr. Trump: “I will work with the Democrats ernment has such an enviable record atricians subsidize the provision of
here illegally as children but are now adults and on a plan. And if we can come up with a plan, but of incompetent capital allocation into an actual lifeline, Beyfortus, the
still in legal limbo. Here’s the exchange: the Democrats have made it very, very difficult the private sector. When your per- monoclonal antibody that prevents
NBC’s Kristen Welker: “What about dreamers, to do anything. Republicans are very open to the ceived cost of capital is zero because serious RSV disease, to the tiny ba-
sir? . . . You said once back in 2017 they, quote, dreamers.” it is ultimately backed by the tax- bies of our military families. Tricare
payer, who cares if it makes business reimburses $37 less than our cost per
‘Shouldn’t be very worried about being de- That’s great to hear. If Mr. Trump is willing
n-

sense? Outcomes be damned. dose. Can we, the primary-care physi-

ported.’ Should they be worried now?” to deal on the dreamers, Democrats should shift Government “investment” typically cians of our country, find government
Mr. Trump: “The dreamers are going to come from their first-term opposition to any immigra- pursues politically favored and support to sustain the long-term sup-
later [after criminal aliens are deported], and we tion deal. The country will be better for it. hoped-for outcomes, without much ply of general pediatricians and keep
no

thought to what the market will de- us afloat as we prioritize care for our
cide, which it inevitably does. Unfor- greatest treasure and future invest-
Biden’s Moment of Truth on U.S. Steel tunately, government investment
rarely provides a satisfactory return.
ment, our children?
At least the demand signal for our

D
onald Trump last week doubled down so he can have the monopoly. Just ask the taxpayer. services exists, in contrast to the glut
on his campaign promise to block Nip- The Committee on Foreign Investment in ROBERT H. WOOTTEN of EVs sitting on the dealer’s blacktop.
pon Steel’s proposed $15 billion take- the United States (Cfius) launched a review Des Moines, Iowa SUSAN ASHTON-LAZAROAE, M.D.
Lorton, Va.
over of U.S. Steel. But the ball of the deal, though it poses How fabulous Rivian executives
is in President Biden’s court He can approve a no national security risks. must feel. A politically favored com-
with the shot-clock ticking, Nippon Steel offer that and Japan is a critical U.S. ally pany with an unsustainable business Blinder’s Tariff Blind Spots
and approving the deal during serves as a bulwark in model to supply luxury vehicles for
his final days would be a na- is in the U.S. interest. the Asia-Pacific against Alan Blinder must have a short
memory (“Trump’s Economic Plan
tional service. China’s economic and mili-
Has Inflation Written All Over It,” op-
“Through a series of Tax In- tary ambitions. South Korea’s Democracy ed, Nov. 26). During the first Trump
centives and Tariffs, we will make U.S. Steel Only last month the Defense Department Proves Itself Strong Enough administration, the U.S. also imposed
Strong and Great Again,” Mr. Trump posted on issued a statement at a trilateral defense min- many tariffs—and there was low in-
his Truth Social platform. “As President, I will isters meeting with Australia and Japan that The declaration of martial law in
flation accompanying steady eco-
South Korea was swiftly lifted (“A
block this deal from happening. Buyer Be- touted the “longevity and enduring commit- nomic growth.
Brief Martial Law in South Korea,”
ware!!!” Who knows what prompted the riff, but ment of our partnership” that is “grounded in Review & Outlook, Dec. 4), and de-
President Biden kept many of Pres-
maybe he heard that Japanese Prime Minister shared values, deep trust, and our unbreak- ident Trump’s tariffs in place. Mr. Bi-
spite the initial turmoil, most of us
Shigeru Ishiba recently asked Mr. Biden to ap- able commitment to strengthening collective den’s problem was that he also
are managing well. What began as a
prove the deal. deterrence.” flooded the economy with money,
deeply troubling moment—a seem-
with the Federal Reserve as an ac-
Nippon Steel’s takeover bid for U.S. Steel be- Blocking the offer would undermine the alli- ingly disastrous situation for the na-
complice to the monetary tsunami.
came hostage to election politics as Mr. Trump ance and the U.S. steel industry. “Under your tion and its 50 million citizens—
CARL LAVERGHETTA
and Democrats vied for union support. The presidency, this Alliance has reached unprece- ended in a surprising outcome. Our
Annapolis, Md.
United Steelworkers, which represents workers dented strength,” the Prime Minister wrote in democracy, now more than 30 years
at U.S. Steel, opposes the acquisition. a Nov. 20 letter to Mr. Biden reported by Reu- old, has passed one of its most diffi-
Never mind that the Japanese firm has prom- ters. “We respectfully ask for the U.S. govern- cult tests in decades, a testament to
ised to honor collective-bargaining agreements ment to approve the planned acquisition by Nip-
its resilience. Pepper ...
In essence, it was a failed coup
and invest $2.7 billion in union plants. U.S. Steel pon Steel so as not to cast a shadow on the d’état, one led by the president him-
And Salt
has warned it might have to close factories in achievements you have accumulated over the self. Yet the people proudly stood THE WALL STREET JOURNAL
Pennsylvania if the deal collapses because it lacks past four years.” firm against this shameful attempt,
the capital to invest in needed upgrades. Meantime, Republican Members on the which could have been far worse. Our
The United Steelworkers union wants a take- House Financial Services Committee have indi- victory is a reminder of the strength
over by Cleveland-Cliffs, which is also repre- cated they plan to investigate Cfius’s politicized and determination of a democracy
sented by the union, because it would create a review of the deal and asked Treasury Secretary that refuses to be undermined.
domestic cartel protected by tariffs. Janet Yellen and Commerce Secretary Gina Rai- PROF. SHI-CHUL LEE
Cleveland-Cliffs made a less generous bid mondo to preserve related documents, includ- Kyungpook National University
Daegu, South Korea
that U.S. Steel rejected. The mooted combo ing communications from Cleveland-Cliffs and
would control 100% of U.S. blast furnace pro- the United Steelworkers.
Letters intended for publication should
duction, 100% of domestic steel used in electric Cfius has two weeks to clear the deal, though be emailed to [email protected]. Please
vehicle motors, and 65% to 90% of other do- it could extend the deadline. But why reject a include your city, state and telephone
mestic steel used in vehicles. Cleveland-Cliffs deal that would be good for U.S. steel produc- number. All letters are subject to
CEO Lourenco Goncalves has lobbied the Biden tion, steel workers, and the U.S.-Japan alliance? editing, and unpublished letters cannot
be acknowledged.
Administration to block the Nippon Steel offer And why abdicate to Mr. Trump? “I keep falling for freelance poets.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, December 9, 2024 | A17

OPINION

Assad Falls Thanks to a Weak Tehran Pennsylvania

By Jonathan Spyer
Almost Saw

T
he fall of Bashar al-Assad’s
regime in Syria marks the
A Stolen
eclipse of Iran’s self-styled
axis of resistance in the
Middle East. While the
Election
successful advance of the Syrian
Sunni insurgents into Damascus By Ari Fleischer

I
seemed sudden, it didn’t happen
overnight. Mr. Assad’s flight from n the Pennsylvania Senate race,
the country seals what has been a Democrats claimed they wanted
disastrous few months for Tehran to “count every vote.” What they
and its allies. really wanted was to count illegal
By removing the Assad regime, votes in Democratic counties. With a
the insurgents—known as Hayat 15,115-vote margin, Republican Dave
Tahrir al-Sham—have cut off Teh- McCormick defeated an organized ef-
ran’s main proxy militia, Hezbollah, fort by national Democrats to reverse
from its supply lines. This was possi- his win over Sen. Bob Casey. If Mr.
ble because of Israel’s mauling of McCormick’s lead had been smaller,
Hezbollah in November, prompting Democrats would still be trying to
AFP/GETTY IMAGES

the terror group to accept a cease- cook up ways to flip this election.
fire with the Jewish state. The deci- Under the Pennsylvania election
sion was in direct contrast with Hez- code, ballots that lack a secrecy
bollah’s goal when it entered the war envelope, are unsigned, or are cast
on Oct. 8, 2023. As Hassan Nasrallah, Syrians gather atop a tank at Umayyad Square in Damascus, Dec. 8. by an unregistered person are not
its now-deceased leader, expressed to be counted. Any attempt to
at the time: “The Lebanon front will doing to Iran . . . and to the resis- ian conflict, with its enormous sym- vastly more powerful neighbor. Hez- make them count is an attempt to
not stop before the aggression on tance front” after the attack. Iran bolic importance in the Arab and bollah’s choice to bombard Israel in break the law. The Democrats’
Gaza stops. The resistance in Leba- hesitated in part because of the fail- Muslim worlds. the following days constituted a sim- Pennsylvania playbook should be a
non won’t stop supporting and as- ure of its Iraqi and Yemeni proxies The 2010 Arab Spring, the 2012 ilar misstep. Iran’s decision in April warning to everyone who cares
sisting the people of Gaza, the West to penetrate Israeli air defenses with destruction of the Saleh regime in this year to abandon proxy warfare about accurate, lawful elections.
drones and missiles. Israel continued Yemen and Iran’s rescue of the Assad and launch a direct attack on Israel
to make progress against Hamas in regime in Syria that same year all compounded the error.
Iran and its proxy network Gaza, despite Iran’s various efforts contributed to the expansion of Ira- In each case, Israel’s response laid Democrats would still be
to open support fronts to relieve the nian influence across the region. bare the profound inferiority of the scheming if McCormick’s
have been revealed to be pressure. Gaza’s Islamists are now On the eve of Oct. 7, 2023, Iran’s Iranians and their allies in direct
paper tigers. More defeats isolated, facing Israel alone. proxy system seemed at the height confrontation. The result: Hamas margin had been smaller.
The apparent eclipse of Iran’s of its power. Iran, with its formida- and Hezbollah are decimated, Gaza
will surely follow this one. proxy axis, its helplessness in the ble ballistic-missile array and its nu- is a smoking ruin, Southern Lebanon
wake of Israeli countermeasures, and clear ambitions, appeared to have is a pile of rubble, and Iran is ex- In Bucks County, the Democrat-
the loss of Syria are of particular succeeded in turning indirect con- posed as helpless before Israeli air run Board of Elections voted 2-1

.
Bank and the oppressed people in note because the alliance had fared flict into a tool of state. A year on, power. along party lines to count mail-in
these holy lands.” By the time both so well for so long. Iran’s first suc- however, everything looks different. The region now sees Iran and its ballots that weren’t dated or were in-

ly
parties agreed to a cease-fire, Nas- cess in the field of irregular warfare Iran’s error was that it neglected a misnamed axis of resistance as a pa- correctly dated. Mr. McCormick sued
rallah was dead. Hezbollah decided came with its creation of Hezbollah basic rule of irregular warfare: Avoid per tiger. The rebels’ assault in Syria and the Pennsylvania Supreme Court
that sticking by its junior ally in in 1982. It piloted Hezbollah to a vic- being drawn into the open on the and the stunning collapse of the unanimously rejected the Bucks
Gaza was no longer worth the price.
The dramatic events in Syria rapidly
followed.
Hezbollah’s actions came after
on
torious insurgency against Israel
from 1985 to 2000, and then to un-
disputed political domination of Leb-
anon after 2008. After the fall of
conventional battlefield.
Doughty proponents of irregular
warfare, from George Washington to
Ho Chi Minh, all lived by this rule.
Assad regime are the first fruits of
this new look. More will doubtless
come.
County board’s decision on the mer-
its. Democratic Gov. Josh Shapiro
didn’t object as the board nullified
state law, speaking out weakly only
Iran’s decision to avoid any major Saddam Hussein in 2003, Tehran- Iran and its allies have abandoned it Mr. Spyer is director of research after the high court ruled.
us ,

retaliation for Israel’s Oct. 26 attacks supported Shiite militias became the and suffered the consequences. The at the Middle East Forum and direc- In Philadelphia, the Board of Elec-
l

on targets inside Iran. This reluc- dominant political-military force in Oct. 7 attack, in addition to being a tor of the Middle East Center for Re- tions rejected 2,073 provisional bal-
e
al a

tance persisted despite Supreme Iraq. Outreach to Hamas via Hezbol- massacre, was a strategically absurd porting and Analysis. He is author of lots because they lacked a secrecy
Leader Ali Khamenei’s promise of a lah from the early 1990s secured decision by a tiny statelet to launch “Days of the Fall: A Reporter’s Jour- envelope and required voter signa-
“crushing response to what they are Iran a foothold in the Israel-Palestin- a conventional offensive against a ney in the Syria and Iraq Wars.” tures. The Democratic Senatorial
ci on

Campaign Committee and the Casey

campaign wanted to count these

UnitedHealthcare and the ObamaCare Con votes in an overwhelmingly Demo-

cratic city, and they appealed. Fortu-
nately, a judge upheld the rejection
er s

Well, well. Progres- must be smiling. Mr. Orszag, now were only half as likely to get an ap- worthless except in the event of a of illegal ballots.
sives are at last ac- CEO of the financial-services firm pointment with a doctor compared catastrophic emergency, which was In Montgomery County, the Demo-
m er

knowledging that Lazard, has dined out on advising with privately insured patients be- the gist of recent rants against in- crat-run Board of Elections rejected
ObamaCare is a health insurers on mergers he says fore the law passed. Post-Obama- surers. Perhaps they should take up nearly 200 ballots lacking a required
failure. They aren’t were spurred by the law’s regula- Care, they were less than one-third their grievances with Mr. Obama, secrecy envelope. The DSCC and
doing so explicitly, tions. How convenient. as likely. Medicaid is insurance in since his law’s mandates and regula- Casey campaign dropped their ap-
of course, but their The U.S. is spending $2 trillion name only. tions are to blame. peal only when Mr. Casey conceded.
m rp

LIFE
social-media more on healthcare than in 2010. Patients with exchange plans ObamaCare requires plans to cover The Montgomery board also voted to
SCIENCE
screeds against in- Yet Americans aren’t healthier, as a hardly fare better. Affordable Care myriad government-determined “es- count hundreds of undated or incor-
By Allysia
surers, triggered new paper by the Paragon Health Act plan networks include on aver- sential benefits” regardless of rectly dated ballots. As in Bucks
Finley
by last week’s mur- Institute observes. Mortality rates age only 40% of local physicians and whether people need them. It also County, the state Supreme Court put
der of United- for 25- to 64-year-olds from major 21% of those employed by hospitals. prohibits insurers from charging an end to that.
co Fo

Healthcare CEO Brian Thompson, Patients must pay significantly more higher premiums based on a patient’s In Dauphin County, of which Har-
suggest as much. “We’ve gotten to a out of pocket to see out-of-network health-risk factors and limits their risburg is the seat, the Democrat-run
point where healthcare is so inac- The law’s mandates and doctors. If you find a doctor in net- ability to do so for older people. The Board of Elections rejected 96 ballots
cessible and unaffordable, people work, there’s no guarantee he’ll con- young and healthy are thus required because they lacked required secrecy
are justified in their frustrations,” regulations have given tinue to be. Insurers are narrowing to subsidize their elders, while tax- envelopes and voter signatures. The
CBS News medical contributor Cé- rise to myriad insurance- coverage to keep down costs. payers are required to subsidize ev- DSCC and Casey campaign dropped
line Gounder said during a Friday They are also hiking deductibles, eryone on the exchanges. their appeal only after Mr. Casey’s
segment on the roasting of health market grievances. which this year averaged $5,241 for If the goal were to help Ameri- concession. In Luzerne County, the
insurers. a typical plan. That’s up from cans with costly health conditions, Casey campaign asked the Board of
A Gallup survey released Friday $2,425 in 2014. Although subsidies it would have been far simpler and Elections to approve about 500 dis-
affirms the sentiment, finding that medical causes, such as hyperten- reduce how much people with less expensive to boost subsidies for puted ballots cast by people who
only 44% of Americans rate U.S. sive diseases, diabetes and neuro- ObamaCare plans pay toward their state high-risk pools. But that weren’t registered to vote in the
healthcare good or excellent, down logic conditions, climbed between premiums, they are stuck paying wouldn’t have accomplished Demo- county. The election board allowed a
n-

from 62% when Democrats passed 2009 and 2019. out of pocket until they hit their crats’ actual goal, which is to turn small number to be counted but re-
ObamaCare in 2010. A mere 28% rate Frustration that the U.S. is deductible. insurers into de facto public utilities jected most of these votes.
the country’s insurance coverage spending more for worse out- Most healthy young people never and jerry-rig a halfway house to sin- The McCormick recount team,
highly, an 11-point decline. Obama- comes—a similar phenomenon ex- do. That means their insurance is gle-payer healthcare. What a con. along with the Republican National
no

Care may rank as the biggest politi- ists in K-12 education—is helping to Committee and the National Repub-
cal bait-and-switch in history. drive the “Make America Healthy lican Senatorial Committee, mobi-
Remember Barack Obama’s prom-
ise that if you like your health plan
and doctor, you could keep them?
Again” movement. Bigger govern-
ment has benefited the health-in-
dustrial complex but not Americans.
How Trump Can Target lized to defeat these efforts. In all
67 counties, the campaign deployed
well-trained lawyers to fight tooth
Sorry. How about his claim that
people with pre-existing conditions
would be protected? Also not true.
One problem is that simply hav-
ing insurance doesn’t change peo-
ple’s behavior. It does, however,
Transgenderism in Schools and nail. They were vigilant, making
certain there would be no mischief.
The McCormick campaign shined a
The biggest howler, however, was cause them to use more care. This is By Max Eden The judge also ruled that the light on many of the Democratic tac-

H
that healthcare would become more a particular problem in Medicaid, teacher violated the 14th Amend- tics, regularly informing the media
affordable. since beneficiaries often rush to the istoric election defeats have ment’s Equal Protection Clause. The of what the Democrats were doing,
Grant Democrats this: The law emergency room for nonemergen- many fathers—or, to use more parents, who weren’t notified about making certain Democrats could slip
has advanced their political goal of cies because they don’t have de- inclusive language, many “non- the lesson beforehand, had no op- nothing through without public
expanding government control over ductibles or co-pays. birthing parents.” This year one such tion to spare their children from scrutiny.
insurers, in return for lavishing Another problem: The nearly 100 father was the Democrats’ embrace of hearing it. Parents can decide that But what would have happened if
Americans with subsidies to buy million Americans on Medicaid or gender ideology in K-12 schools. their kids won’t participate in spell- the Casey appeals continued? What
overpriced, lousy products. (One tightly regulated and generously That means teaching children they ing bees or animal dissections. Why would have happened if friendly
might observe that Democrats are subsidized exchange plans struggle can be born in the wrong bodies. couldn’t they protect them from the judges ruled that illegal votes were
driving a similar Faustian bargain to to find doctors to treat them. Physi- Marketing puberty blockers to ele- teacher spouting ideas about sex suddenly legal? That’s the formula
induce automakers to produce more cian access for Medicaid patients mentary-school students. Conducting they find abhorrent? Parents have the Democrats employ in close races.
electric vehicles.) has long been limited owing to the secret “gender transitions.” By op- the right to direct the upbringing of In football, when the clock runs
At the same time, ObamaCare’s program’s low reimbursement rates. posing all of this, Donald Trump their children. The teacher pro- out, the game is over. Everyone
perverse effects are fueling public It has gotten worse since Obama- proved he was for parents. He prom- moted an ideology that could turn knows the score—and the rules. In
rage against insurers and support Care expanded eligibility, as states ised to get “transgender insanity the the children against their parents. politics, when the election is over,
for a single-payer system that would have tried to hold down Medicaid hell out of schools.” But can the pres- The 14th Amendment doesn’t permit Democrats demand more time be put
eliminate them. Mr. Obama and Pe- costs by reducing reimbursements. ident actually tell schools what they this. on the clock. Sometimes they argue
ter Orszag, the law’s chief architect, A 2019 study found that patients can and can’t teach? that Republican touchdowns
Yes, President Trump can stop gen- shouldn’t count. Sometimes they de-
der-ideology indoctrination. Tatel v. A federal court ruling in mand that Democrats be awarded ex-
Mount Lebanon School District, a re- Pennsylvania vindicated tra points. All it takes is a close score
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY cent decision by a federal district and a friendly commissioner or
Lachlan Murdoch court in Pennsylvania, should be re- the rights of parents. judge, and the call on the field can be
Executive Chairman, News Corp quired reading for members of his ad- reversed.
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp ministration. A teacher taught her Mr. McCormick won, but Demo-
Emma Tucker Almar Latour first-graders that boys can be girls, Some courts may reject this view. crats aren’t done. They’ll take their
Editor in Chief Chief Executive Officer and Publisher that parents merely “guess” their kids’ In the meantime, Mr. Trump’s attor- Pennsylvania tactics to other states.
Liz Harris, Managing Editor DOW JONES MANAGEMENT: sex at birth, and that this “guess” can ney general and education secretary It’s time for the Pennsylvania Leg-
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, be wrong. This confused students and could issue a letter explaining how islature and Gov. Shapiro to show
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief;
Executive Editor; Chip Cummins, Newswires; Jason P. Conti, General Counsel, Chief
angered parents, who sued under the enforcing gender ideology violates leadership and enforce their laws.
Taneth Evans, Digital; Brent Jones, Culture, Compliance Officer; Dianne DeSevo, Chief People First and 14th amendments. these constitutional rights. Most It’s time for Congress to pass a na-
Training & Outreach; Alex Martin, Print & Officer; Jared DiPalma, Chief Financial Officer; The judge held that forcing these schools wouldn’t risk defying it. And tionwide voter-identification require-
Writing; Michael W. Miller, Features & Weekend; Artem Fishman, Chief Technology Officer;
concepts on children undermined the if litigators disagree, the Supreme ment. Law-abiding citizens every-
Prabha Natarajan, Professional Products; David Martin, Chief Revenue Officer, Business
Bruce Orwall, Enterprise; Philana Patterson, Intelligence; Dan Shar, EVP, General Manager, First Amendment right to free exer- Court will likely vindicate Mr. where should know what’s in the
Audio; Amanda Wills, Video Wealth & Investing; Ashok Sinha, Chief cise of religion. Many religions teach Trump’s position that schools can’t Democratic recount playbook and be
Communications Officer; Josh Stinchcomb, EVP & that God created us male and female. teach children they can be born in prepared to fight it.
Paul A. Gigot Chief Revenue Officer, WSJ | Barron’s Group;
Editor of the Editorial Page Sherry Weiss, Chief Marketing Officer
Promoting a scientifically baseless the wrong bodies.
Gerard Baker, Editor at Large
EDITORIAL AND CORPORATE HEADQUARTERS:
claim undermining that doctrine Mr. Fleischer is a communications
1211 Avenue of the Americas, New York, N.Y., 10036 without parental consent infringes on Mr. Eden is a senior fellow at the consultant to the McCormick for Sen-
Telephone 1-800-DOWJONES religious liberty. American Enterprise Institute. ate campaign.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A18 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

WORLD NEWS

Cathedral Comes to Light in Darker World

Trouble, turbulence
greet Notre Dame,
restored after fire
nearly destroyed it
BY NOEMIE BISSERBE
AND STACY MEICHTRY

PARIS—The limestone fa-

cade of Notre Dame Cathedral
is radiant. Its ornate gargoyles
and angels show no signs of
the smoke and flames that
once billowed from the
church. The cavernous interior
is immaculate, its arches
scrubbed of soot.
By almost any metric the
restoration of the masterpiece
of Gothic architecture nearly
destroyed by fire in April of
2019 has been a success. On
Saturday, global figures in-
cluding President-elect Donald
Trump gathered to mark the
cathedral’s reopening.
Notre Dame’s revival is a
sign that cooperation across
France and beyond to achieve
a singular goal is still possible.
Yet the gleaming cathedral
also stands in contrast to the

LUDOVIC MARIN/AFP/GETTY IMAGES

dark times that have envel-
oped Paris and the world.
Wars are raging in Ukraine
and the Middle East, and the
U.S.-led international order
that has prevailed since the
end of World War II is at a

.
turning point.
“Tonight the bells of Notre

ly
A day after Saturday’s reopening drew the likes of Donald Trump, Elon Musk and Prince William, the restored Notre Dame offered its first mass to the public.
Dame ring anew,” French
President Emmanuel Macron ish the continent’s economy. in disarray. And this past signs of decay across French ever as a tourist site but a into the joints and mortar,
said in an address before the Heading into the talks, week the government col- society. Its rise from the ashes symbol of the broader decline leading to crumbling. The scaf-
packed pews. “This cathedral
is a happy metaphor for what
a nation is, and what the
world should be.”
Trump said that “it certainly
seemed like the world is going
a little crazy right now. And
we’ll be talking about that.”
on
lapsed in a parliamentary no-
confidence vote for the first
time since 1962.
Macron had conceived of
comes as public services from
hospitals to schools decline.
Eric Cormont, a 60-year-old
who works in construction,
in church attendance.
A message from Pope Fran-
cis, who didn’t attend the cer-
emony, was read aloud: “May
folding where the fire started
threatened to collapse and take
the cathedral down with it.
Macron wanted an interna-
For Trump, the Paris trip The leaders joined dignitar- the inaugural ceremony as an said he was amazed by how the rebirth of this admirable tional competition to come up
us ,

marked a return to the world ies and business executives, elaborate victory lap, capping quickly craftsmen were able to church constitute a prophetic with a new design for the
l

stage. He held talks with Ma- including Elon Musk, inside a year that included a Sum- rebuild the cathedral—but sign of the renewal of the spire. Outrage followed, and ul-
e
al a

cron and Ukrainian President Notre Dame. Firefighters and mer Olympics in Paris. Re- wasn’t interested in the cele- Church in France.” timately France’s National Her-
Volodymyr Zelensky. Trump restoration workers received a building Notre Dame on time brations organized by Macron. After the fire, the most ur- itage and Architecture Com-
has fueled the anxieties of standing ovation upon enter- and on target was about af- “That’s the only thing he gent task was to stabilize the mission shot down his plan.
ci on

leaders across Europe by ing, as did Zelensky. Others in firming his vision of France as talks about, when the coun- church. The fallen spire and Macron didn’t give up on a
questioning Washington’s attendance included first lady a nation of can-do strivers. try’s a mess,” Cormont said. roof had been central to the modern-day touch. This year
commitment to underpinning Jill Biden and Prince William. For Macron’s many oppo- Notre Dame has long been cathedral’s structural integrity. he organized a competition for
Europe’s security architecture The inauguration comes at nents—from protesters on the held up as a mirror of the soul Walls and buttresses were at new stained-glass win-
without greater contributions a painful moment for France. streets to lawmakers in the of France. In the years leading risk of collapse. Water used to dows. The government has yet
er s

from allies. He also wants to Its economy has nearly National Assembly—the cathe- up to the fire, it suffered de- douse the flames created fis- to announce the winner—but
impose tariffs that would pun- stalled. Its public finances are dral’s restoration hides deeper cades of neglect—popular as sures in the stones and seeped opposition is already fierce.
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 BUSINESS & FINANCE
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© 2024 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Monday, December 9, 2024 | B1
Last Week: S&P 6090.27 À 0.96% S&P FIN g 1.78% S&P IT À 3.35% DJ TRANS g 4.20% WSJ $ IDX À 0.43% 2–YR. TREAS. yield 4.095% NIKKEI 39091.17 À 2.31% See more at WSJ.com/Markets

Dividend Stocks Set for Comeback Omnicom,

Interpublic
With tech pricey and
bonds losing appeal,
S&P 500 dividend yield, quarterly*
3.50%
Index and ETF performance, past five years
100%
S&P 500
sight for dividend investors,
as large U.S. companies’ pay-
outs haven’t kept pace with
Are Close
shares that pay out
lure more investors
3.25 75
Vanguard
High Dividend
the market’s rally. Last week,
the S&P 500’s dividend yield,
which measures dividend pay-
To Forming
BY JASMINE LI 3.00
50

25
Yield ETF
S&P 500
Dividend
outs relative to stock price, hit
a 20-year low when it dropped
below 1.19%.
Ad Giant
Owning stocks with big div- 2.75 Aristocrats The S&P 500 Dividend Aris- Tie-up would create
idends might finally start pay- Index tocrats Index, which includes
ing off. 0 66 companies that raised their biggest conglomerate
2.50 iShares
Dividend-paying stalwarts Core High dividends every year for the in a sector being
such as JPMorgan Chase and 3Q 2024 –25 Dividend ETF past 25 years, has struggled to
Merck are primed to fare bet- 2.25 2020 ’21 ’22 ’23 ’24 keep pace with the broader upended by tech
1.23%
ter in the coming year, some market since 2020. Big divi-
investors said. With highflying U.S. dividend payments, quarterly dend payers staged a come- BY SUZANNE VRANICA
tech stocks looking expensive 2.00 back in 2022, as fears of a re- AND LAUREN THOMAS
and falling interest rates po- $25 billion cession drew investors to
tentially denting the appeal of 1.75 utilities, consumer goods and Omnicom Group is in ad-
Decreases Increases
bonds, dividend shares look 20 other steadier sectors. vanced talks to acquire Inter-
good, they said. The moment was short- public Group, a deal that
Investors typically flock to 1.50 lived; by 2023, rising rates be- would create the world’s larg-
15
the dividend payers in down gan to lift the returns of est advertising company, ac-
markets or when the economic 1.25
bonds and money-market cording to people familiar
outlook turns cloudy. Indeed, 10 funds above what dividend with the matter.
many companies with big pay- stocks yielded. Major compa- A transaction could be an-
outs, including utilities and 1.00 5 nies tightened their grip on nounced as early as this week,
consumer staples, produce cash as they adopted a sit- some of the people said.
stable earnings in any and-wait approach toward The exact terms of the deal
0.75 0
weather. In rallies, though, economic uncertainty. And being discussed couldn’t be
their shares tend to lag be- 2000 ’05 ’10 ’15 ’20 ’24 2023 ’24 this year, many of the same learned.
hind. This has been especially *Data from Vanguard S&P 500 ETF dominant stocks of the Covid The all-stock deal is likely

.
true since 2020, when mega- Sources: FactSet (dividend yield, performance); S&P Dow Jones Indices (dividend payments) era are once again leading the to value Interpublic at be-
tech stocks such as Tesla and market to record highs. tween $13 billion and $14 bil-

ly
Nvidia have led the market to you should be buying” divi- added more financial stocks added that healthcare stocks The top-heavy S&P 500 has lion, excluding debt, some of
frequent record highs. dend stocks, said Chris recently, including Regions are inexpensive, and it is produced a total return of 28% the people said. Interpublic
The performance gap be- O’Keefe, portfolio manager at Financial. Visa and Raymond likely companies in that sector this year, including price gains had a market value of nearly
tween the S&P 500 and the
dividend stocks has widened
this year. But “that’s when
Logan Capital Management.
Logan Capital’s dividend
performers portfolio has
on
James Financial are the port-
folio’s largest overweight posi-
tions, according to O’Keefe. He
will boost their dividend pay-
outs over time.
That would be a welcome
and dividend payments, well
ahead of the S&P 500 Divi-
Please turn to page B2
$11 billion as of Friday.
A combined entity would
have net revenue of more than
$20 billion, based on 2023 fig-
ures for each company.
us ,

Disney Plows Cash Into Cruise Expansion

Combining Omnicom, the
l

world’s third-largest ad com-

e
al a

pany, and Interpublic Group,

the fourth-biggest ad com-
pany, would topple WPP as
ci on

BY ROBBIE WHELAN the industry’s biggest player.

WPP’s net revenue last year
HUDSON RIVER, N. Y.— was about $15.1 billion.
Strains of “When You Wish A deal would bring to-
Upon a Star” drifted across gether some of the world’s
er s

lower Manhattan on a recent best-known ad brands under

November evening, echoing one roof, following decades of
m er

from Disney’s newest cruise consolidation on Madison Av-

ship on its path down the enue. A handful of conglomer-
Hudson River toward Florida. ates are the power players be-
Chief Executive Bob Iger hind the majority of ads
christened the 1,119-foot-long people come across on TV
m rp

Disney Treasure the previous sets, before they can play You-
evening while 1,000 drones Tube clips and on roadside
hovered overhead in the shape billboards. In addition to pro-
of a Champagne bottle. The ducing advertisements, the
drones transformed into companies own firms that buy
co Fo

shapes of images from “Alad- ad space, develop loyalty pro-

din,” “Coco,” “Moana” and grams, analyze shopper data,
other movies as pop star Jor- handle crisis communications
din Sparks belted out a song and tap influencers for mar-
written for the new ship. keting campaigns.
The spectacle was a com- Omnicom and Interpublic
ing-out party of sorts for a have helped create some of his-
business that for years played tory’s most iconic ads, includ-
a bit part in Disney’s enter- ing “Think Different” for Apple,
tainment empire, but is in- “Priceless” for Mastercard, “Be-
creasing in prominence. cause I’m Worth It” for L’Oreal
Growth is slowing in the com- and “Got Milk” for the Califor-
LANNA APISUKH FOR WSJ

pany’s parks businesses, and nia Milk Processor Board.

n-

its legacy TV business is suf- Omnicom, led by Chief Ex-

fering from cord-cutting, but ecutive John Wren, includes
Disney fans can’t seem to get agencies BBDO, TBWA, Fleish-
enough of cruises. manHillard, and ad buyer Om-
no

When Disney unveiled nicom Media Group and works

plans last year to “turbo- The upper-deck pools, waterslides and lounge areas on the 1,119-foot-long Disney Treasure in New York recently. for companies including Dis-
charge” investment in its Ex- ney, AT&T and PepsiCo.
periences division, which in- Cruise travel overall sur- chaperoned children’s activi- Disney's Parks & Experiences Parks & Experiences revenue Interpublic, which CEO Phi-
cludes theme parks, resorts passed prepandemic levels ties. On the Disney Treasure, unit revenue as a share of total revenue lippe Krakowsky leads, owns
and consumer products, the last year, attracting 31.7 mil- parents can sunbathe with agencies such as McCann
$8 billion 35%
company said 20% of the $60 lion passengers, up from 29.7 cocktails by the pool while Worldgroup, Weber Shand-
billion over the next decade million in 2019, according to children are entertained until wick, FCB and ad-buying firm
30
would go toward its cruise the Cruise Lines International as late as midnight with activ- Mediabrands, and has a client
business and other projects Association, a trade group. ities such as playing in a “Star 6 roster including L’Oréal, John-
25
that haven’t been announced More affluent millennials Wars”-themed workshop, son & Johnson and Geico.
yet. Disney plans to more than are choosing cruises over completing hero’s missions set A combination of Omnicom
20
double its fleet from six to 13 land-based vacations in part in the Marvel Comics universe and Interpublic would mark
4
ships by 2031 and further ex- because a host of new, larger or designing a virtual theme- the biggest deal to date on
15
pand its service internation- ships with premium amenities park ride. Madison Avenue. Omnicom
ally. “Given the fact that we make them feel they get good The Disney Treasure offers pursued a $35 billion deal in
10
are still a relatively small value for the money, JPMor- “Moana” and “Beauty and the 2 2014 with ad company Publi-
player and we see this strong gan Chase said in a June re- Beast” stage shows, a piano cis Groupe, but it collapsed,
5
demand, it’s only natural and search note. Rising interna- bar themed after the movie partly because of battles over
actually the best time to in- tional airfares have made “The Aristocats,” and a Mexi- which company would control
0 0
vest in this business,” said cruises that leave from ports can eatery where you can Please turn to page B4
Thomas Mazloum, who leads in their home country more watch mariachi musicians sing FY2021 ’22 ’23 ’24 FY2021 ’22 ’23 ’24
the part of the Experiences di- attractive to overseas families. songs from “Coco” while you Note: Latest fiscal quarter ended Sept. 28  Ad revenue forecast to top
vision that includes cruises. Most cruise lines offer Please turn to page B2 Source: the company $1 trillion for 2024........... B4

INSIDE Internet Plans’ Labels Confuse Users

BY PATIENCE HAGGIN The Federal Communica- Wash., relies on Starlink, the request for comment.
DAVID PAUL MORRIS/BLOOMBERG NEWS

tions Commission mandated satellite-internet provider Consumers know they can

Internet-service providers the labels but hasn’t taken owned by SpaceX, for his in- flip over a box of cookies to
have been required since ear- steps that could make them ternet service. He wasn’t find out the number of calo-
lier this year to list standard- more useful to consumers, aware the information labels ries or grams of fat in a serv-
ized price and speed data on such as standardizing how existed, until contacted by a ing. The logic of labels for
labels that look like the nutri- companies display the labels, Wall Street Journal reporter. broadband is similar: Let users
tion-facts panels on packaged said consumer advocates and The Starlink label, which he know what is in their internet
foods, allowing consumers to industry watchdogs. found behind a disclosure link packages. The broadband la-
compare plans. “We’ve always thought of at the bottom of the site’s bels list monthly pricing—in-
But broadband users often the labels as an iterative pro- checkout page, showed down- cluding whether that is a pro-
BEVERAGES HEARD ON don’t know to look for them. cess,” the FCC said, adding the load speeds between 30 and motional, introductory rate—
A screw-top box is THE STREET Or can’t find them. Or, when current labels are “a starting 150 megabits per second. along with a breakout of
they do manage to track down point” and it is mounting a “Well, what does that tell you? installation and other fees,
seeking to compete A small AI-chip maker the labels, they see misleading consumer-awareness cam- That’s somewhere between “typical” upload and download
with canned is now more valuable or unhelpful information paign for them. walking and driving 80 miles speeds, and how much data is
cocktails. B3 than Intel. B10 about their internet speeds or Charles Pluckhahn, who an hour,” Pluckhahn said. included in the monthly price.
pricing. lives in rural White Salmon, Starlink didn’t respond to a Please turn to page B2
 B2 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople in
today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A I Philip Morris
Interpublic Group............B1,B4 International...........................B2
Airbnb............................................A12
iShares Core Total USD Pimco Income............................B6
Alphabet.................................B2,B4
Altria Group................................B2
Bond Market ETF..............B6 R
Amazon........................................B10 J Raymond James
Johnson & Johnson......B1,B2 Financial......................................B1
Amazon.com...............................B4
JPMorgan Chase......A1,B1,B6 Regions Financial....................B1
Apple.................................................A2
AT&T...........................................B1,B2 K Royal Caribbean Group.....B2
Kal Freight....................................B7 S
B
L Spectrum.......................................B2
BeatBox Beverages..............B3
Lockheed........................................A3 T
BlackRock......................................B2
Bristol-Myers Squibb..........B2 M Tesla...........................................A3,B1
Marvell Technology...........B10 T-Mobile.........................................B2
Bytedance.....................................B4
Merck ...............................................B1 U
C Meta Platforms...............B2,B4 UnitedHealth Group..........B10
Carnival...........................................B2 N V
Charles Schwab.......................B2 Nvidia..............................A2,B1,B10 Vanguard.......................................B2
Coca-Cola.......................................B2
O Verizon.............................................B2
Comcast..........................................B2 Visa.....................................................B1
Omnicom Group.......................B1
CVS Health...............................B10
P W
H
Pfizer.................................................B2 Walmart.........................................B4
Haverford Trust.......................B2 PGIM Total Return Walt Disney................................B2
Humana.......................................B10 Bond Fund................................B6 WPP............................................B1,B4

LANNA APISUKH FOR WSJ (2)

INDEX TO PEOPLE
C L P
Cuban, Jeff...................................B3 Lee, Jimmy..................................A2 Peters, Greg................................B6
Cuban, Mark...............................B3 R The Disney Treasure offers a ‘Coco’-themed restaurant, above. Below, guests can nibble on Disney-branded desserts.
Li, Harrison..................................A9
D Reynolds, Hal.............................A2
Li, Kai................................................A9
Dusen, Lori Van.......................A2
F
M
Mazloum, Thomas.................B1
S
Schultz, Brad..............................B3
Disney tertainment options, it is one
of the experiences that rates
the highest among guests.

Plows Cash Consumer-satisfaction sur-

Fenchel, Justin..........................B3 Sharp, Bradley...........................B7
H Miskin, Matt................................A1 veys show 82% of Disney’s
Swidan, Mark............................A9
Handke, Danny.........................B2 Moulton, Logan.......................A2
T cruise passengers intend to
I
Iger, Bob..........................................B1
Murphy, Matt..........................B10
Musk, Elon...................................A3
O
Turkel, Nury................................A9
W Into Cruises take another and that sea
journeys are the highest-rated
experience in Disney’s Enter-
K Wren, John...................................B1 tainment division portfolio,
Krakowsky, Philippe..............B1 O'Neal, Shaquille.....................B3 Wright, Chris...............................A1 Continued from page B1 Mazloum said.
sip a margarita. On a typical At Disney’s busiest cruise
Disney cruise, costumed char- port, Port Canaveral, two of

.
icies such as reshoring and in- acters such as Pluto, Goofy the line’s ships launched 157
Dividend creased drilling could benefit and Donald Duck roam the voyages that were on average

ly
“old economy” companies, decks and movie theaters 92.4% full in the year ended in
said Brian Bollinger, the
Stocks Set founder of Simply Safe Divi-
dends. on show Disney films that are
playing on land in cinemas.
Disney is betting interest in
September, publicly available
port information shows. That
metric, the average number of

For Revival “If you look at 2016, you

saw the same knee-jerk reac-
tion,” said Bollinger, whose
cruises will prompt travelers
to pay more for its cruises,
which tend to cost more than
from docking fees charged at
ports, which are largely
passed on to the customer.
ney said a 5% increase in reve-
nue for the Experiences divi-
sion that includes cruises was
passengers per vessel as a
proportion of each vessel’s
maximum capacity, has re-
company rates the dividend mass-market lines such as Entertainment and dining op- driven in part by higher aver- turned to prepandemic levels
us ,

Continued from page B1 safety of about 900 compa- Royal Caribbean or Carnival. tions and even free unlimited age cruise line ticket prices. for Disney.
l

dend Aristocrats’ 14%. Divi- nies. But of the sectors that A four-day cruise to the Baha- soda—a perk harder to come “Passenger cruise days,” Disney is now increasingly
e
al a

dend exchange-traded funds initially outperformed the S&P mas for a family of four on the by on competitors’ cruises— the number of passengers focused on the Asian market,
from BlackRock, Charles 500 after election day, con- Disney Wish ship, leaving are part of the value proposi- aboard Disney ships multi- where hundreds of millions of
Schwab and Vanguard re- sumer discretionary was the from Florida’s Port Canaveral tion that passengers find at- plied by the days they spend potential Disney Experiences
ci on

turned between 13% and 20%. only one to maintain its lead during a popular spring-break tractive, the company said. on voyages, rose 14% in the customers live without a
A dividend comeback could by early 2020, he said. week next April, starts at “You want it to feel like company’s 2023 fiscal year nearby theme park.
be in the cards, according to Haverford Trust, which $7,692. On Royal Caribbean, a part of the mythology,” said (the most recent time period Launching next year, the
Bank of America analyst has more than $15 billion un- much larger line, a compara- Danny Handke, one of Disney’s for which such figures are Disney Adventure, which can
Ohsung Kwon. His team pre- der management and consul- ble trip starts at $3,368. parks and attractions design- available) and 32% the previ- hold up to 6,700 passengers
er s

dicts overall dividends by S&P tation, has owned shares of “You’re paying up to cruise ers who helped create the ous year. and will initially operate in
500 companies will increase S&P 500 Dividend Aristocrats with Mickey,” said Matt Hoch- “Haunted Mansion”-themed Mazloum, the head of the Southeast Asia, is Disney’s
m er

by 10% in 2025. That is be- Johnson & Johnson and berg, editor of Royal Carib- bar aboard the Treasure. division that includes cruises, biggest ship yet. It will sail
cause investors want cash. Coca-Cola since its inception bean Blog, which focuses on The company discloses cer- said with only 5% of the Carib- out of Singapore—the com-
In a sign of the demand, in 1979. This year, the fund the cruise industry and isn’t tain financial metrics for its bean market and 2.5% of the pany’s first-ever service
even big tech purchased affiliated with the cruise line. cruise business but doesn’t global market, Disney is a there—and aims to attract af-
companies have shares of Al- Disney says some of the share its full financials. In the small player in cruising. But fluent Indian, Indonesian and
m rp

started to pay phabet when it cost of cruise tickets comes year ended in September, Dis- among Disney’s menu of en- Malaysian travelers.
dividends, with One forcast has initiated a divi-
Meta Plat- dividends by dend, and
forms and Al-
phabet offering S&P 500 stocks
Nvidia follow-
ing its stock Internet Even after that, they
sometimes have to
Xfinity’s 300 Mbps
plan. Online, he found
co Fo

payouts to split and divi- play a bit of “Where’s Xfinity’s label on the
increasing 10%
s h a re h o l d e r s
this year for
the first time.
in 2025.
dend hike.
Hank Smith,
the fund’s head
Plan Labels Waldo?” to find them.
Starlink places the
labels behind the link
plan for new subscrib-
ers—which dangles a
new-subscriber pro-
They contrib-
uted about 25%
of total U.S. underlying divi-
of investment
strategy, still
views old-school dividend pay-
Confuse “Broadband Facts for
Residential Service
Plan,” at the bottom
motional rate of $45
in the marquee slot,
where calorie counts
dend growth in the third ers as safer bets compared of the checkout page. would go on a food la-
quarter, according to Janus with the broader market. “The Continued from page B1 Spectrum and Veri- bel. Below, Xfinity ex-
Henderson. idea that a handful of compa- Understanding them is a zon list labels for mul- plains in fine print
Last week, shares of AT&T nies or two handfuls of com- separate matter. Consumers tiple plans during the that it is an introduc-
rose sharply after the tele- panies can drive a 500-stock might not grasp the meaning checkout process, tory rate for 12
communications company—a index up indefinitely just de- of “latency”—the term for the even after a potential months, and the post-
n-

former S&P 500 Dividend fies the law of math, law of time it takes for data to be customer picks a par- introductory rate is
Aristocrat removed from the averages,” Smith said. transmitted when, for exam- ticular plan; Spec- $86 a month.
index for cutting its divi- This year, Haverford Trust ple, a user presses a button on trum’s list includes Comcast declined
dend—said it planned to re- saw high dividend yields from a joystick. The data also isn’t mobile options, too. to comment.
no

turn more than $40 billion to tobacco companies Altria put in context, and consumer The Institute for For decades tele-
shareholders over the next Group and Philip Morris In- advocates say it isn’t neces- Local Self-Reliance, a com providers have
three years through stock buy- ternational, as well as health- sarily helpful to show down- research and advocacy obscured their prices
backs and dividends. Then, on care players Pfizer, Merck and load speeds without explain- group, randomly au- with byzantine fee
Wednesday, Walt Disney said Bristol-Myers Squibb. Smith ing what they mean. dited providers and structures, including
it would boost its annual divi- said he doesn’t believe those Lorrie Cranor, a Carnegie found that in many extra charges for leas-
dend by 33% next year. dividends are at risk, and in- Mellon University professor of cases the labels were ing a router, exceeding
Predicting how high-divi- vestors are getting modest in- engineering and public policy, difficult to find on the usage caps, or just
dend stocks will fare under a creases each year. “You can would like to see the FCC internet-service pro- timing out of a new-
new administration is never find yield, but it’s clearly come up with standard speed viders’ sites. customer promotional
easy. In theory, President-elect much harder than it was 10, 12 and bandwidth thresholds for The labels must be period.
Donald Trump’s proposed pol- years ago,” Smith said. the most common things that displayed in retail “It’s nice to know
consumers do with their stores, as well. When when you sign up for
broadband. Then the provid- a reporter visited Fine print in one label notes that after an service if the rate is
ers’ speeds could be given rat- stores for T-Mobile introductory period, the price of a modem gonna balloon by $40
‘Moana 2’ Tops the Chart Again ings like “good for streaming and Comcast’s inter- rental increases to $15 a month. or $50 a month over
movies” or “good for video- net service Xfinity in the teaser rate you get
conferencing.” November, she was shown a Kapadia, chief of staff for New when you initially sign up,”
The FCC adopted the rule QR code that links to multiple America’s Open Technology said Sean Gonsalves, an asso-
requiring the labels in 2016, nutrition labels for those pro- Institute. “And I knew what I ciate director for communica-
but it wasn’t implemented un- viders’ plans. No explanation was looking for. So imagine if tions at the Institute for Local
til 2022, under the Biden ad- was given of which plans were you’re a consumer who Self-Reliance. “It’s amazing
ministration, thanks to indus- available at her own address. doesn’t know it’s supposed to that this is one of the few ar-
try lobbying and turnover in When she visited an AT&T be there.” eas where you can’t get a
Washington. The rule took ef- store, she scanned a QR code Meinrath pushed for the la- straight answer, unless you
fect this year. and got a link to a page where bel to require mandatory mini- get these kinds of labels.”
DISNEY/EVERETT COLLECTION

The label is “so hard to she could enter an address mum speeds, like the service- The labels aren’t standard
find, and even when you get it, and see labels for plans avail- level agreements that the FCC across providers, though the
it’s not providing the informa- able at that address. At Veri- requires internet-service pro- FCC does post a recommended
tion you need to make the zon and Spectrum stores, the viders to give to business cus- sample layout. They are sup-
right decision,” said Sascha reporter couldn’t find the la- tomers. That provision didn’t posed to be published in a ma-
Meinrath, a Pennsylvania State bels, and employees said they make the final rule. chine-readable form, which
University professor of tele- didn’t know what the labels Providers often report their would make it easier to build
The Disney film earned $52 million this weekend. communications who initiated were. top speeds, which can be comparison tools, but many
the original push for broad- A Spectrum spokeswoman much faster than what con- aren’t.
Estimated Box-Office Figures, Through Sunday band nutrition labels. He said said if a customer shows inter- sumers actually receive, said The FCC said it has been
Sales, In Millions rooting around for the speed est in a plan and shares their Meinrath. The data reported monitoring providers’ imple-
Film Distributor Weekend* Cumulative % Change and pricing details can be a address, retail employees are on the labels isn’t audited. mentation of the labels.
1. Moana 2 Disney $52.0 $300.0 -63 “Sisyphean task.” prompted in sales scripts to Harold Tynes, a consultant Brendan Carr, who has been
Providers must display the send the customer relevant in West Bloomfield, Mich., said tapped by President-elect Don-
2. Wicked Universal $34.9 $320.5 -57 labels prominently at the time broadband labels. he hadn’t heard about the la- ald Trump to lead the FCC,
3. Gladiator II Paramount $12.5 $132.7 -60 of sale when consumers buy A Verizon spokeswoman bels until he was contacted by didn’t respond to a request for
Amazon home or mobile broadband said the company provides la- a reporter. When he tried to comment.
4. Red One $7.0 $85.8 -45 plans, according to the FCC bels online and in retail loca- find one online for his Xfinity Meinrath said providers
MGM Studios
rules. In practice, consumers tions, as well as via phone and service, the site directed him won’t comply unless the FCC
Pushpa: The Rule Prathyangira shopping online have to enter customer-service contacts. to call the company because enforces the rules.
5. $4.9 $9.3 —
- Part 2 Cinemas an address, and sometimes “The labels would be much he is an existing customer “Without the cudgel, there
*Friday, Saturday and Sunday in North American theaters Source: Comscore give their contact information, more effective if they were rather than a new one. will be no compliance,” he
before they can see the labels. easier to find,” said Chhaya Tynes pays $60 a month for said.
THE WALL STREET JOURNAL. Monday, December 9, 2024 | B3

BUSINESS NEWS

A Screw Top Vies With Canned Cocktails

Some worry with colorful cartoon imag-
ery—is of concern to con-
BeatBox’s alcoholic sumer groups and public-
punch appeals to health researchers. They say
the packaging could cause
underage drinkers confusion and result in chil-
dren’s inadvertently drinking
BY LAURA COOPER the punch.
“Even if it says liquor, this
One of the fastest-growing is very much made to appeal
alcoholic drinks isn’t usually to a younger generation with
served in bars or sold in bot- the color and the design,” said
tles or cans. BeatBox is a Tiffany Hall, the board chair
fruity punch that comes in of the U.S. Alcohol Policy Alli-
brightly colored cartons that ance, a nonprofit that has
have helped it stand out in an pushed for health warnings on
increasingly crowded market- alcohol containers. “We have
place. seen this for a long time from
The premixed beverages, the alcohol industry.”
sold in flavors such as Blue BeatBox executives say they
Razzberry and Orange Blast, made sure to brand the drink
have made their way into mu- as an alcoholic product, with
sic festivals and college cam- its alcohol contents at the top
puses across the country. of the box. They said that the
Their popularity has created a company adopted containers
windfall for the small com- used by some wine producers,
pany behind them, and raised and that it adheres to state
concerns among public-health and federal guidelines.
groups that the party punches “We go out of our way to
could land in the hands of un- make this an adult product,”
derage drinkers. said Brad Schultz, a co-founder
“The packaging is unique, and the chief marketing offi-

MICHAEL BUCKNER/PENSKE MEDIA/GETTY IMAGES

but it looks like a juice box,” cer. “It is colorful for sure, but
said David Jernigan, a profes- we make intentional decisions
sor at Boston University’s not to cross the line.”
School of Public Health. BeatBox got a boost after
“There is no other adult bev- some of its founders appeared
erage product that I know of on “Shark Tank” in 2014 and
that is packaged like that, but Cuban ultimately invested $1
plenty of kids’ packages that million in the startup. The bil-
look like this.” lionaire promotes the drink on

.
BeatBox Beverages says its podcasts and provides guid-
packaging is colorful but mar- ance to the founders but has

ly
keted to adults. The company BeatBox’s packages—in bright colors and dotted with cartoon imagery—look like juice boxes to some public-health advocates. transferred his shares of Beat-
is on track to notch $175 mil- Box to his brother Jeff Cuban,
lion in revenue through the some low-calorie, fruity alter- or malt liquor base and has for him to dance without spill- the beer distribution network, who serves on the board.
end of this year, Chief Execu-
tive Justin Fenchel said. While
that’s a fraction of the roughly
$5.2 billion ready-to-drink
natives to beer such as hard
seltzers like Truly are losing
steam.
“We said why hasn’t any-
on between 8% and 11.1% alcohol
by volume. By comparison,
Bud Light is 4.2% while a
Peach Four Loko is 12%. Beat-
ing his drink.
“When you’re dancing
around, having a cap is great,”
said Hidalgo, adding that his
which includes convenience
stores and bodegas. That
change helped bring the bev-
erage to more than 300 dis-
The company recently
formed a financial partnership
with basketball star Shaquille
O’Neal, and plans to roll out a
cocktail market in the U.S., its one made these fun flavors of Box’s signature container, favorite flavor is Fruit Punch. tributors across the country. line of lemonade-flavored
us ,

sales are on track for 75% Twisted Tea, Mike’s Hard which holds about three serv- Before BeatBox, Hidalgo said, Industry participants have drinks next year. Fenchel ulti-
l

growth this year. Lemonade, Four Loko, and ings, evokes comparisons with he would buy hard seltzers noted that many canned cock- mately sees BeatBox making
e
al a

The Austin, Texas, com- done it in this box packag- Vita Coco coconut water pack- such as Nütrl, Truly or High tails and other drinks have products beyond its signature
pany—boosted by an early in- ing?” said Fenchel, who co- aging. It sells for around $4 to Noon at music festivals. had strong starts before fad- beverages.
vestment from “Shark Tank” founded the business in 2011 $5 per box. “It’s a good value and it ing. BeatBox hopes to buck the “We always said we wanted
ci on

host Mark Cuban—is a relative while in business school in Kyle Hidalgo, 25 years old, does have a good amount of trend by leaning into its niche, to build a business that could
outlier in an industry that has Texas. “We had no experience said he first encountered alcohol,” he said. for instance by working with sustain on its own,” Fenchel
struggled in recent years. Beer in alcohol. I was like, ‘I want BeatBox at a music festival in The drink has been around music festivals to cement its said. “Is the world ready for a
and spirits makers have found to put neon liquid vodka in Chicago a year and a half ago. for more than a decade, but image as a party punch. next-generation Mark Anthony
that health concerns, and fac- boxes and see where we go.’ ” He was attracted by its lower sales took off in recent years The eye-catching BeatBox or Boston Beer?”
er s

tors such as the use of Ozem- BeatBox doesn’t contain cost and the fact that the car- after BeatBox moved from packaging—in bright blues, —Connor Hart
pic, have dented sales. Even vodka. It is made with a wine ton has a cap, making it easier mostly wine distributors to pinks and yellows and dotted contributed to this article.
m er
m rp
co Fo

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products and services, and lending of funds to individual clients through PNC Bank, National Association (“PNC Bank”), which is a Member FDIC, and to provide specific fiduciary and agency services through PNC Delaware Trust Company or PNC Ohio Trust
Company. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

BUSINESS NEWS

Ad Revenue Forecast to Top $1 Trillion in 2024

BY MEGAN GRAHAM at a faster clip than in 2023, ated by retailers Amazon and
when it increased 8.4%. Walmart, despite the higher
Global advertising spending In another new forecast, cost of borrowing in the U.S.
will surpass $1 trillion in media investment firm Magna and cautious guidance from
2024, one year earlier than said ad revenue will reach some retailers, GroupM said.
previously expected, according $933 billion in 2024, up 10.3% The tariffs on imports that
to a forecast from media in- over 2023. President-elect Donald Trump
vestment group GroupM. Some of the growth reflects proposed could affect the ad-
GroupM, a unit of advertis- packaged-goods companies’ vertising business in the com-
ing giant WPP, had forecast in reallocation of budgets from ing years, though it’s unclear
June that global ad spending trade marketing agreements in which direction, according
would hit $1 trillion in 2025. that aren’t considered “adver- to the forecast, which was
That, too, marked an accelera- tising,” supporting tactics written by Kate Scott-Dawk-
tion from an earlier prediction such as in-store displays, to ins, GroupM’s global president
that it would reach $1 trillion digital ads on so-called retail of business intelligence.

RICHARD BORD/GETTY IMAGES FOR GROUPM

in 2026. media networks, according to If companies in the U.S.
The new forecast projects Magna, part of Interpublic were to face less competition
that global ad revenue will in- Group’s IPG Mediabrands. from international peers, they
crease 9.5% over the course of U.S. ad revenue, excluding might decide to devote
2024, up from its previous es- political advertising, will grow smaller shares of revenue to
timate of 7.8%, as major ad 9% in 2024 to $379 billion, advertising, the report said.
sellers including Alphabet’s GroupM said, and 7% in 2025. On the other hand, they could
Google, Meta Platforms, Byte- Many American consumers increase advertising to grow
Dance and Amazon.com have are continuing to spend, espe- market share among a
seen significant gains. That cially through e-commerce smaller set of domestic com-
GroupM, a WPP unit, previously forecast global ad spending would hit $1 trillion in 2025. would mean advertising grew platforms such as those oper- petitors.

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

CLASS ACTION

UNITED STATES DISTRICT COURT

FOR THE CENTRAL DISTRICT OF CALIFORNIA
WESTERN DIVISION
CHARLES LARRY CREWS, JR., Individually and on Case No. 2:22-cv-01524-JLS-E

.
Behalf of All Others Similarly Situated,

BING GUAN/BLOOMBERG NEWS

CLASS ACTION

ly
Plaintiffs,

vs.

RIVIAN AUTOMOTIVE, INC., et al.,

Defendants.

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION

on The union contract being negotiated is for Amazon’s delivery drivers and warehouse workers.
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED RIVIAN
us ,

AUTOMOTIVE, INC. CLASS A COMMON STOCK BETWEEN NOVEMBER 10, 2021, AND

Amazon Faces Deadline

MARCH 10, 2022, INCLUSIVE, AND WERE DAMAGED THEREBY.
l

YOU ARE HEREBY NOTIFIED, pursuant to Federal Rule of Civil Procedure (“Rule”) 23 and by Order of the United
e
al a

States District Court for the Central District of California, that the above-captioned action (“Action”) against Rivian
Automotive, Inc. (“Rivian”), certain of Rivian’s executive officers and directors, and the underwriters that facilitated the
offer and sale of Rivian Class A common stock through the company’s Initial Public Offering (“IPO”) on November 10,

For Union-Bargaining Dates

ci on

2021 (collectively, “Defendants”), has been certified as a class action on behalf of the following Classes (also referred to
herein as “Class”):
• For 1934 Act Claims: All persons and entities who purchased or otherwise acquired Rivian Class A common
stock between November 11, 2021, and March 10, 2022, inclusive, and were damaged thereby. The Class
excludes those who purchased Rivian Class A common stock at the fixed IPO price.
• For 1933 Act Claims: All persons and entities who purchased or otherwise acquired Rivian Class A common BY SABELA OJEA President Sean M. O’Brien. such workers.
er s

stock between November 10, 2021, and March 10, 2022, inclusive, and were damaged thereby.1
Amazon said the most re- The money was expected to
The Court has appointed Sjunde AP-Fonden and James Stephen Muhl as Class Representatives and Kessler Topaz Meltzer The International Brother- cent round of protests haven’t result in average national pay
& Check, LLP as Class Counsel. The Action has not been adjudicated or settled. This notice is not an admission by
m er

Defendants or an expression of any opinion by the Court as to the merits of the Action, or a finding by the Court that the hood of Teamsters said it is affected its operations, adding for drivers delivering Amazon
claims asserted by Class Representatives in the Action are valid. This notice is not a settlement notice and is intended only giving Amazon.com a deadline that the union doesn’t repre- parcels to reach nearly $22 an
to inform members of the Class that the Action is currently in progress. of Dec. 15 to agree to bargain- sent as many Amazon employ- hour, a 7% increase from last
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE LAWSUIT. This notice ing dates to negotiate a union ees and drivers as it claims. year.
provides only a summary of the information contained in the detailed, long-form Notice of Pendency of Class Action contract for its delivery driv- “This is another attempt to Teamsters led strikes of
m rp

(“Notice”). You may obtain a copy of the Notice from the website for the Action, www.RivianSecuritiesLitigation.com,
or by contacting the Administrator: ers and warehouse workers. push a false narrative about Amazon workers across the
Crews v. Rivian Automotive Securities Litigation
Teamsters, one of Amer- the independent small busi- U.S., focusing part of its ef-
c/o Verita Global, LLC ica’s largest labor unions, on nesses who deliver on our be- forts on drivers. The Amazon
P.O. Box 301170 Friday accused Amazon of half,” Amazon representative Labor Union, a labor group
Los Angeles, CA 90030-1170 breaking the law and said it Eileen Hards said. that successfully unionized
co Fo

If you are a Class member, you should receive a Postcard Notice regarding the Action by mail. If you are a Class member must commit to come to the The union’s push comes Amazon employees at a ware-
and you do not receive a Postcard Notice by mail, please send your name and address to the Administrator so that you will
receive any future notices disseminated in connection with the Action. table and bargain a contract about three months after Am- house in New York, recently
with its workers. azon announced the invest- voted to join the Teamsters.
Inquiries, other than requests for the Notice, and comments may be made to Class Counsel:
“Amazon has a legal obliga- ment of about $2 billion to- The International Brother-
KESSLER TOPAZ MELTZER tion to recognize the Team- ward the drivers that deliver hood of Teamsters represents
& CHECK, LLP
Sharan Nirmul, Esq. sters and to start negotiat- its packages following union- 1.3 million employees in the
280 King of Prussia Road ing,” said Teamsters General organizing activity among U.S., Canada, and Puerto Rico.
Radnor, PA 19087
Telephone: (610) 667-7706

Omnicom,
- or - Stock performance of advertising firms
Jennifer L. Joost, Esq.
One Sansome Street, Suite 1850 80%

Interpublic
San Francisco, CA 94104
Telephone: (415) 400-3000 Publicis
n-

[email protected] 60

Near Tie-Up
www.ktmc.com
If you are a Class member, you have the right to decide whether to remain a member of the Class. If you choose to remain
a member of the Class, you do not need to do anything at this time other than retain your documentation reflecting your 40
no

transactions and holdings in Rivian Class A common stock. You will automatically be included in the Class, and you
will be bound by the proceedings in the Action, including all past, present, and future orders and judgments of the Court, Omnicom
whether favorable or unfavorable to you. If you are a Class member and do not wish to remain a member of the Class,
you must take steps to exclude yourself. Continued from page B1 20
If you timely and validly request to be excluded from the Class, you will not be bound by any orders or judgments in the certain positions in the com-
Action, and you will not be eligible to receive a share of any money which might be recovered in the future for the benefit bined company. Omnicom and
of the Class. To exclude yourself from the Class, you must submit a written request for exclusion by mail or email by no Publicis couldn’t even agree 0 WPP PLC
later than March 4, 2025, in accordance with the instructions set forth in the Notice. Your request for exclusion must be
signed. If you request exclusion via email, an e-signature is acceptable. Pursuant to Rule 23(e)(4), the Court has discretion on which company would be
as to whether a second opportunity to request exclusion from the Class will be allowed if there is a settlement in the Action. the acquirer, The Wall Street Interpublic
Further information may be obtained by contacting the Administrator or Journal reported. –20 Weekly intervals
by visiting the website www.RivianSecuritiesLitigation.com. A merger could help Omni-
2023 ’24
Please Do Not Call or Write the Court with Questions. com and Interpublic become
better equipped to deal with Source: FactSet
DATED: December 9, 2024 BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT an industry increasingly
CENTRAL DISTRICT OF CALIFORNIA driven by technology, data and better position it against con- cluding private-equity firms
1
Both Classes exclude Defendants and their families, the officers, directors, and affiliates of Defendants, at all relevant times, members artificial intelligence. Ad com- sulting firms with a growing Apollo and KKR, according to
of their immediate families and their legal representatives, heirs, successors, or assigns, and any entity in which Defendants have or had
a controlling interest. panies are working to stave presence in the advertising people familiar with the talks.
off competition from tech and marketing business. The company has also enlisted
companies such as Alphabet’s The approach has led to a McKinsey to help with a re-
PUBLIC NOTICES Google and Meta Platforms hot streak of winning new busi- structuring and cost-cutting
that are using AI to drive ness from companies including initiative, according to people
deeper into the business. Pfizer, Hershey, Lego and media familiar with the matter.

SPP Credit Advisors LLC (“SPP”), as agent THE Generative AI threatens to

disrupt how agencies get paid
and entertainment giant Sky. It
has also helped make Publicis
Interpublic has sold off
some creative and underper-
for certain lenders, will conduct a virtual
MARKETPLACE and could potentially diminish the most valuable company in forming agencies, so it can in-
demand for copywriters, the sector, with a nearly $28 vest more in technology and
UCC public auction, on December 23, 2024 ADVERTISE TODAY graphic designers and the ad billion market cap. build a larger practice in so-
buyers, who decide where to Omnicom has mainly stuck called principal buying, a high-
at 3:00 ET (or as continued at that time) (800) 366-3975
For more information visit:
place ads to target the right
audiences.
to smaller deals and building
up some tech offerings organi-
margin business in which agen-
cies buy ad inventory and take
of approximately 25,423,729 of the shares wsj.com/classifieds Research firm Forrester cally. Earlier this year, though, ownership of the ad space,
said last year that automation it signaled a change in its ap- then resell it to brands. Tradi-
of common stock of Atlantic International could eliminate some 33,000 proach and shelled out $835 tionally, the companies would
jobs, or almost 8% of the million for e-commerce com- buy ad time and space on be-
Corp. (OTC: ATLN), a staffing company, workforce, at ad agencies by pany Flywheel, its largest deal half of a brand, acting as an
2030, with various forms of AI to date. agent for the advertiser. Both
currently owned by IDC Technologies, Inc., being responsible for a signifi- Interpublic has trailed its Publicis and Omnicom have
borrower. Investors wishing to register cant portion of these losses.
Interpublic and WPP are
rivals, losing business from
big clients such as Pfizer, Ver-
thriving practices in this area.
A deal between Interpublic
in order to bid must contact Todd Kumble struggling to keep pace with
rival Publicis, which adapted
izon, Spotify, and BMW. It
most recently lost the bulk of
and Omnicom would likely face
government scrutiny, as the
at SPP at 646-436-1808. To purchase the faster to the technological its most lucrative account, combined company would be a
shifts that reshaped how Amazon ad buying assign- dominating force in the ad-buy-
securities, investors must be “accredited brands connect with consum- ment, which was split be- ing space. Global ad spending is
ers. The Paris-based firm has tween Omnicom and WPP. expected to top $1.03 trillion,
investors” within the meaning of Rule spent billions on buying data Krakowsky has been ac- excluding political advertising,
and e-commerce companies. It tively shopping Interpublic according to GroupM, the ad
501(a) of Regulation D under the Securities has also targeted companies and parts of the conglomerate buying arm of WPP.
Act of 1933, as amended. © 2024 Dow Jones & Company, Inc.
All Rights Reserved.
that specialize in digital trans-
formation advisory work to
for more than a year and talk-
ing to a range of parties, in-
—Jessica Toonkel
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

JOURNAL REPORT
THE WALL STREET JOURNAL. INVESTING MONTHLY Monday, December 9, 2024 | B5

BY LORI IOANNOU

B
OOMERANG chil-
dren are threaten-
ing their parents’
retirement.
The phenome-
non—where an
adult child who
has graduated
high school or college and lived
independently returns to live at
home—has been on the rise. Ac-
cording to Thrivent’s 2024 Boo-
merang Kids survey, 46% of par-
ents have had their adult
children ages 18 to 35 back home
to live with them at some point,
up from 35% last year. Inflation,
the high cost of housing and stu-
dent debt are among factors fuel-
ing this phenomenon.
“As a result, many parents are
deprioritizing their own financial
needs and more than a third are
finding it harder to save for long-
term goals like retirement,” says
Nick Cecere, an executive vice
president at Thrivent who over-
sees the financial-services
group’s U.S. financial advisers.
The financial burden for par-
ents is concerning. According to
Thrivent’s analysis, 38% of par-
ents are struggling to pay off
debt, and 37% are finding it
harder to save for long-term
goals like retirement or housing.
That is a jump from 23% and 16%
last year, respectively.
Financial advisers say that

.
parents should take care of their
financial needs and retirement

ly
security before helping their boo-
merang children. But that isn’t

Help Your Boomerang Child,

always easy. Here are three steps
parents can take to help their
children get back on track and
shore up their nest eggs.
on
But Don’t Forget Retirement
us ,

Set clear boundaries

l

More than three-fourths of par-

e
al a

ents don’t set financial expecta-

tions with their adult boomerang
children, according to research
ci on

by Thrivent, which surveys the Set boundaries for your kids, and consider making catch-up contributions in your 401(k)s and IRAs
Boomerang effect on American
households annually.
“This is one of the biggest shared financial responsibilities ept at money management, she at Bank of America Private Bank. pay down debt, add to your
mistakes parents make,” says and sets a timeline for the living says, and this will help keep “It’s a good way to ensure you emergency fund, and build up re-
er s

Cecere. “The first step is to have arrangement is an important them on track. It will also help get the money back and protect tirement savings again.”
a timeline and set clear guide- first step, she says. them keep tabs on discretionary retirement savings,” he says. If you are still working, one
m er

lines on how much financial sup- “As a rule of thumb, if your spending for entertainment, But lending to family members way to fast-track savings is to
port parents can give and for boomerang adult child is still liv- clothes, hobbies and more that can be tricky when it comes to maximize your 401(k) contribu-
how long.” ing with you past the one-year they can cut back on, she adds. Internal Revenue Service rules, tions and get your full employer
It should be clear from the mark, that’s a red flag that you “In addition, have them come so it’s best to consult with a tax match annually. You can also
outset that they are a financial may be endangering your own up with a savings plan, even if it professional to avoid any mis- make catch-up contributions to
m rp

contributor to the household. retirement,” says Altfest. is just a few dollars a month,” step. your traditional and Roth 401(k)s
This can include paying rent, Rodriguez says. and other qualified retirement
groceries, utility bills and their A savings and payment plan is accounts when you are 50 or
own personal expenses such as Encourage responsibility especially important if a child is Prioritize your retirement older thanks to the IRS’s catch-
car insurance and cellphone Help educate your adult child on burdened with a large amount of While helping your adult child up contribution rules, which also
co Fo

bills. ways to achieve financial inde- student and credit-card debt. If get back on his or her feet finan- indexes these contributions to in-
“Do a cost analysis to quantify pendence. Start by having them parents decide to pay off some or cially is commendable, parents flation. Starting next year, work-
what food, rent, laundry and get a handle on their income and all of their student debt to put need to keep abreast of how their ers age 60 to 63 can make super
other expenses will cost monthly expenses, including debt pay- their child on a better financial assistance is affecting their re- catch-up contributions of up to
once the adult child moves back ments. footing, they should have him or tirement goals, financial profes- $11,250 annually to their 401(k)s.
home. Then sit down with your “Have your boomerang adult her sign a promissory note, fi- sionals say. Catch-up contributions can
child and decide how living ex- child establish a budget so he or nancial planners advise. “Start by reviewing what your also be made to IRAs and other
penses will be shared,” says she can meet monthly living ex- The legal document spells out overall expenses are once the qualified retirement accounts for
Karen Altfest, executive vice penses,” says Kristi Rodriguez, how you will be repaid for the child has moved out,” says Lau- those age 50 or older. Visit
KIERSTEN ESSENPREIS

president and principal adviser senior vice president of thought loan. It can be in installments ren Lindsay, a certified financial IRS.gov for details.
at Altfest Personal Wealth Man- leadership at Nationwide Retire- that can range from several planner at Beacon Financial Plan-
agement. ment Institute for Nationwide Fi- months to years or as a lump ning. “You want to determine Lori Ioannou is a writer in New
Having a written document— nancial. sum, says Rocky Fittizzi, manag- your monthly income surplus. York. She can be reached at
n-

an informal contract—that lists Not all adult children are ad- ing director and wealth strategist The extra cash can be used to [email protected].
no

BY DEREK HORSTMEYER for the five years before Covid

More Investors Have Been Trying

T
and the five years since. The re-
turn gap of a fund is the differ-
HE COVID-19 pan- ence between the stated annual
demic wreaked havoc return and the actual dollar-

To Time the Market. Blame Covid. on more than just

public health—it also
disrupted the trading
weighted return in the fund (an
internal rate of return that fac-
tors in fund inflows and out-
behavior of individual flows—that is, net buying or sell-
Research finds investors in all categories of active funds have been investors. ing). This gap captures the
Between 2020 and 2024, such difference between the average
trying to buy low and sell high—and they aren’t very good at it investors have exhibited more return for a fund and what the
detrimental trading behavior average investor actually experi-
than before Covid, taking riskier ences in returns within that fund.
bets and trading more ineffi- Why might these two numbers
ciently by trying to time market not match up exactly? A mutual
tops and bottoms. The upshot: fund’s stated return will reflect
Billions of dollars in lost portfo- the average return of its holdings
lio value annually. over a period. But because inves-
Over a variety of actively tors on average pull their money
traded mutual-fund styles from at the wrong time (panic-selling
2015 to 2019, my research assis- when the market has already hit
tants (Ali Alhassan and Brian a bottom and investing more
Gaydos) and I estimate poor mar- when at the top), they often
ket timing cost investors 0.53 don’t experience this stated re-
percentage point a year in value turn in full. In other words, this
to their portfolios. return gap captures how ineffi-
By comparison, from 2020 ciently investors are trading in
through Oct. 31, 2024, the aver- their mutual-fund holdings.
age value destruction to one’s
portfolio from poor market tim- Our findings
ing nearly doubled, to just over Across the board for active mu-
1.01 percentage points a year in tual funds, the return gap in-
actively managed holdings. creased over the 2020-24 period.
For instance, from 2015 to 2019,
Our research methods the average return gap for inves-
To study this phenomenon, we tors in active U.S. large-cap stock
pulled all return data for U.S. funds was 0.37 percentage point
dollar-denominated mutual funds a year. From 2020 to 2024, this
over the past 10 years. We then return gap jumped to 0.83 per-
separated them by actively man- centage point a year. This means
aged and index-tracking passive that since Covid struck, investors
THOMAS FUCHS

funds. in U.S. large-cap funds have been

Next, we took the average re- leaving an extra 0.46 percentage
turn gap of each fund category Please turn to page B6
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B6 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

JOURNAL REPORT | INVESTING MONTHLY

down.
Nick Gendron, who oversees
the Agg at Bloomberg Index Ser-
vices, says the index has been
aimed at tracking the U.S. dollar-
denominated investment-grade
bond market since its launch in
1986 and isn’t designed to in-
clude other fixed-income markets
outside investment grade.

Going beyond the Agg

So what can an everyday investor
do about the Agg’s missing ele-
ments?
There is a slightly broader in-
dex, the Bloomberg U.S. Universal
index, that tracks the Agg with
85% of its assets and tracks riskier
debt such as high yield with the
remaining 15%. Over the past 10
years, its returns topped the Agg
by 0.3 percentage point annually;
in the 12 months ended in Sep-
tember, the Universal delivered an
extra 0.5 percentage point.
However, only one fund tracks
the Universal, according to Morn-
ingstar. BlackRock has an ex-
change-traded fund based on this
index, iShares Core Total USD
Bond Market ETF (IUSB), with
$32 billion in assets.
Do-it-yourself investors can go
even further and cobble together
multiple funds representing these
riskier categories. The largest
money managers have a variety
of active and passive funds that
invest in high-yield and emerg-
ing-markets debt, TIPS, bank
loans and floating-rate debt.
Michael Anderson, who leads
the credit-strategy team at Citi-

Most Bond Funds and ETFs Remain group, notes that interest rates

.
on high-yield and emerging-mar-
ket bonds are running at 7.1% and

ly
Actively Managed. Here’s Why.
6.5%, respectively, well above the
4.6% yield of the Agg. So a bond
bucket of 75% Agg and 25%
on emerging-market and high-yield
funds can potentially earn more
than a half a percentage point
extra yield, he says.
The main fixed-income index is an easy benchmark expenses of 0.81% on average, four high-yield and emerging-markets The creation and adoption of
us ,

times the rate for passive funds. debt—categories largely absent such building blocks for individual
for managers to beat and allows them to charge
l

Tom Murphy, a bond-fund an- from the Agg that often show investors to supplement the Agg
e
al a

more for doing so. Solution: Build your own fund mix. alyst at Morningstar, says the higher returns than the Agg. has picked up rapidly in recent
largest active bond funds tend to Over the past decade through years, Invesco’s McMullen says.
boost their returns by over- September, the Agg returned just Both high-yield and emerging-
ci on

BY RANDALL SMITH market, or pay extra to hold an weighting investment-grade cor- 1.8% annually as bond returns markets debt funds have beaten
Agg-based active fund whose porate bonds and underweighting were buffeted by a steady decline the Agg in the long and short
manager can add riskier bonds lower-yielding Treasurys, and by in interest rates and then by a run, according to Morningstar.

T
HE INDEX-FUND for index-beating performance. including high-yield, bank loans spike when the central bank rap- They topped the Agg’s return by
revolution has been Or try to reflect the broader mar- and emerging-market debt, idly raised rates to fight inflation 2.5 percentage points and 1 per-
er s

slow to take over ket by adding funds focused on among other strategies. starting in March 2022. Bond centage point, respectively, over
bond funds. Inves- those riskier corners of the mar- Pimco’s flagship Pimco In- prices move in the opposite di- the 10 years ended in October.
m er

tors are paying the ket to the mix. come fund (PIMIX), the largest rection of interest rates. Funds with inflation-protected
price for that. bonds and bank loans have
Passive funds, beaten the Agg over the past
which aim to match an underly- ‘Antiquated’ Agg Percentage of passively managed assets in select mutual funds and ETFs* three-, five- and 10-year periods,
ing index rather than beat it, A report in December 2023 by but both trailed in the past 12
m rp

70%
now make up 62% of all U.S. JPMorgan Chase’s J.P. Morgan months. The bank-loan funds are
stock funds, according to Morn- Asset Management called the 60
U.S. stock Taxable U.S. bonds largely floating rate, so they may
ingstar, driven in large part be- Agg “antiquated” for omitting not keep up if interest rates fall.
cause the indexers tend to out- big parts of the market, noting 50 However, there is also a red
perform active stock pickers and that it includes only 52% of the flag that DIY investors should be
co Fo

their fees are minimal. public bond market while the 40 aware of.
But active managers still hold S&P 500 includes 81% of public Elisabeth Kashner, director of
57% of assets in taxable U.S. bond stocks by market value. 30 global fund analytics at FactSet,
funds. Some experts say that is Yet nine out of the 10 largest warns that “reaching for extra
partly because the most com- active taxable bond funds—in- 20 returns in a bond portfolio this
monly used bond index—the cluding one of J.P. Morgan’s—use way requires taking more risk”—
Bloomberg U.S. Aggregate, or the Agg as their benchmark. And 10 something bond investors may
Agg—is easier to beat than stock over the past five years, 59.4% of not want. Categories below in-
0
indexes because it holds only in- active core bond funds beat their vestment grade carry greater risk
vestment-grade debt and omits passively managed index coun- 2014 ’15 ’20 ’24† of default, she adds, and defaults,
several higher-performing but terparts, compared with just *At year-end †Through October Source: Morningstar while at a relatively low rate in
riskier categories. 38.8% for active stock funds, the current credit cycle, could
“There’s an understanding in Morningstar says. Core bond pick up should conditions
n-

the investment community that if funds, as defined by Morningstar, active bond fund with $166.9 bil- Looking only at the past two change.
I own the Bloomberg Agg, it’s are the most conservative active lion in assets, held 19.3% in high- years through September, how- For investors who want to add
like a proxy for the fixed-income funds with assets that are 95% yield and emerging markets in ever, the Agg’s annual return has less risk, even simple invest-
markets,” says Brian McMullen, a investment grade. September. The fund beat its been 6% annually as the bond ment-grade corporate debt can
no

fixed-income ETF strategist at The Agg is easy to beat be- benchmark, the Agg, by 2.5 per- market found a new equilibrium. outperform the Agg as well. The
Invesco, which offers a variety of cause it’s “not reflective of the centage points annually over the But most non-Agg fund sectors two largest corporate-bond index
non-Agg funds. “The reality is, investment universe” in bonds, past decade. It charges annual have done far better in the same funds both beat the Agg over the
it’s just not true. It only covers says Greg Peters, co-manager of expenses of 0.5%. period, with returns of 11.6% for one-, five- and 10-year periods
about half of the U.S. fixed-in- PGIM Total Return Bond Fund Peters’s PGIM Total Return U.S. high-yield, 13.8% for emerg- ended in September.
come market.” (PDBAX). “That’s why active Bond Fund, the seventh-largest ing markets, 10.4% for bank loans,
This leaves fixed-income fund management is so important in active taxable bond fund, held and 10.1% for floating-rate, Morn- Randall Smith, a former financial
ALEX NABAUM

investors with a dilemma: Hold fixed income.” 23% of its assets at midyear in ingstar says. Only Treasury infla- reporter for The Wall Street Journal,
an Agg-tracking index fund and And that helps active taxable bank loans and collateralized tion-protected securities at 5.1% is a writer in New York. He can be
miss out on large chunks of the bond funds earn annual fees and loan obligations and 10.1% in trailed slightly as inflation cooled reached at [email protected].

Investors Have arena, but become a little less

pronounced when we look at in-
dex-fund holdings. For investors
return gap gets worse during
the Covid period in only 4 out
of the 8 fund classes we stud-
and growth. And the increased
return gap for these fund
groupings was only marginally
MORE ONLINE
WSJ.com/investingmonthly
Been Taking trading index funds, we see the ied—large-cap, small-cap, value higher on average and nowhere
near as significant as the re-
Greater Risks Poor Timing
sults documented for active
funds.
• Young Money
How to give gifts for the
Covid’s role in the increased
Since Covid Average return gap between reported and actual returns in various
mutual-fund categories. Results are separated by index funds and active funds
market timing isn’t entirely
clear, but it seems that home-
holidays and keep a budget.

bound do-it-yourself investors

Continued from page B5 Active Funds Index Funds got a little trigger-happy during
point of return on the table Pre-Covid Post-Covid Pre-Covid Post-Covid some of the market’s wilder mo-
thanks to poorly timed trad- (2015–19) (2020–24) ments. And such suboptimal
ing. That return gap might seem 0 pct. pts. 0.5 1.0 1.5 0 pct. pts. 0.5 1.0 1.5 trading has persisted as the pub-
small, but it is enough to negate Emerging lic health threat has faded
some or all of a fund’s fees. markets thanks in part to resources that
The area where investors are encourage active trading and in-
Large-cap
doing the most damage to their ternet forums that hype stocks
portfolios is in actively traded like Reddit’s WallStreetBets fo-
Small-cap
U.S. small-cap funds. Before rum.
Covid, the average return gap in Fixed income Ultimately, the lost returns
this segment was 0.62 percent- since Covid speak to something
age point a year. Since Covid, International that has long been known: Most
this return gap jumped to 1.38 investors are better off not try-
percentage points a year. This Growth ing to time the market.
means that investors in small-
cap funds have missed out on an REITs Derek Horstmeyer is a professor
additional 0.76 percentage point of finance at Costello College of
Value • Monthly Monitor
YAN YU LEE;

of return in their portfolio. Business, George Mason

These results persist through- University, in Fairfax, Va. He can Stocks leapt in November,
out the active mutual-fund Source: Derek Horstmeyer, George Mason University be reached at [email protected]. up 23.5% on year. Plus, stats.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, December 9, 2024 | B7

BUSINESS & FINANCE

Trucker Kal Freight

This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined below). The Offer (as defined below) is made solely pursuant to the Offer to Purchase
dated December 9, 2024 and the related Letter of Transmittal and any amendments or supplements thereto. The Offer is not being made to, nor will tenders be accepted from or
on behalf of, holders of Shares in any jurisdiction in which the making of the Offer or acceptance thereof would not be in compliance with the laws of such jurisdiction.
In those jurisdictions where the applicable laws require that the Offer be made by a licensed broker or dealer, the Offer shall be deemed to be made on behalf
of Offeror (as defined below) by one or more registered brokers or dealers licensed under the laws of such jurisdiction to be designated by Offeror.

Files for Bankruptcy Notice of Offer to Purchase

All Outstanding Shares of Common Stock of
BY BECKY YERAK tation Services, a 92-year-old
company with about 400
Poseida Therapeutics, Inc.
Trucking company Kal trucks, ceased operations in at
Freight filed for bankruptcy May. $9.00 per share in cash,
protection, saying its financial Founded in 2014 with six
condition has been hurt by trucks, Kal Freight now has plus one non-transferable contingent value right per share representing
unprofitable efforts to become nationwide operations that in- the right to receive certain contingent payments of up to an aggregate amount
a vertically integrated busi- clude warehouses and termi-
ness and a now-questionable nals in California, Texas, New of $4.00 per share in cash on the achievement of specified milestones
investment in additional vehi- Jersey and Indiana, along with
cles during the height of the 800 drivers, more than 800
on or prior to the applicable milestone outside dates
Covid-19 pandemic. trucks and more than 2,200 pursuant to the Offer to Purchase dated December 9, 2024
The closely held company trailers. by
also faces litigation, including In 2020, it added business
foreclosure actions, according
to a filing Thursday in the U.S.
lines Kal Partz, which has sold
aftermarket truck and trailer
Blue Giant Acquisition Corp.
Bankruptcy Court in Houston. parts both online and in a wholly owned subsidiary of
The com- bricks-and-
pany, a truck-
load operator
The company
mortar loca-
tions, as well as
Roche Holdings, Inc.
that also offers Kal Trailers and
Blue Giant Acquisition Corp., a Delaware corporation (“Offeror”) and a wholly owned subsidiary of Roche Holdings, Inc., a Delaware corporation (“Parent”), is offering to
logistics ser- faces litigation, KVL Tires. purchase all issued and outstanding shares of common stock, par value $0.0001 per share (the “Shares”), of Poseida Therapeutics, Inc., a Delaware corporation (“Poseida”), for
vices and dedi- But Kal was (i) $9.00 per Share, in cash, without interest (the “Cash Amount”) less any applicable withholding taxes, plus (ii) one non-transferable contingent value right (each, a “CVR”) per Share,
cated fleet op- including “unable to op- representing the right to receive certain contingent payments of up to an aggregate amount of $4.00 per Share, in cash, without interest less any applicable withholding taxes, upon the
achievement of certain specified milestones on or prior to the applicable milestone outside dates in accordance with the terms and conditions set forth in the Contingent Value Rights
erations for erate these new
customers,
foreclosure ‘verticals’ suc-
Agreement (the “CVR Agreement”) to be entered into with a rights agent (the “Rights Agent”) mutually agreeable to Parent and Poseida (the Cash Amount plus one CVR, collectively,
or any different amount that may be paid pursuant to the Offer (as defined below) to the extent permitted under the Merger Agreement (as defined below), the “Offer Consideration”),
owes at least actions. cessfully,” Chief upon the terms and subject to the conditions set forth in the Offer to Purchase dated December 9, 2024 (as it may be amended or supplemented from time to time, the “Offer to
Purchase”), and in the related letter of transmittal (as amended or supplemented from time to time, the “Letter of Transmittal” and which, together with the Offer to Purchase, constitutes
$325 million to Restructuring the “Offer”). Tendering stockholders whose Shares are registered in their names and who tender directly to Offeror will not be charged brokerage fees or similar expenses on the sale of
creditors that Officer Bradley Shares pursuant to the Offer. Tendering stockholders whose Shares are registered in the name of their broker, bank or other nominee should consult such nominee to determine if any
include Daim- Sharp said in a fees may apply. The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of November 25, 2024 (the “Merger Agreement”), among Parent, Offeror and Poseida.
ler, TBK Bank and Bank of sworn declaration. Fights with
America, records show. new business partners ensued. THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT ONE MINUTE AFTER 11:59 P.M., NEW YORK CITY
Kal said it plans to continue Also, during the pandemic, TIME, ON TUESDAY, JANUARY 7, 2025, UNLESS THE OFFER IS EXTENDED OR EARLIER TERMINATED.
to pay its employees in full the company “invested heav- The Merger Agreement provides, among other things, that as soon as practicable after the consummation of the Offer and subject to the satisfaction or waiver of the conditions
and maintain full operations ily” in trucks and trailers to set forth in the Merger Agreement, Offeror will merge with and into Poseida (the “Merger”), with Poseida continuing as the surviving corporation and becoming a wholly owned
using bankruptcy financing meet surging shipping de- subsidiary of Parent. At the effective time of the Merger, each outstanding Share (other than (i) Shares held in the treasury of Poseida or owned by Poseida, Parent, Offeror or any direct
or indirect subsidiary of Poseida, Parent or Offeror, or (ii) Shares held by any stockholders who are entitled to and have properly exercised and perfected a demand for appraisal of
while it restructures. mand. As the pandemic re- such Shares in accordance with Section 262 of the Delaware General Corporation Law (the “DGCL”)) will be canceled and converted into the right to receive the Offer Consideration
The company’s chapter 11 ceded and freight demand fell from Offeror, less any applicable withholding taxes. The Merger Agreement is more fully described in “The Offer—Section 13—The Transaction Documents” in the Offer to Purchase.
filing Thursday marks one of off, it was unable to pay its If the Offer is consummated, Offeror does not anticipate seeking the approval of Poseida’s remaining public stockholders before effecting the Merger. The parties have

.
agreed and the Merger Agreement requires that, subject to the conditions specified in the Merger Agreement, the Merger will become effective as soon as practicable after the
the biggest bankruptcies so bills, according to the decla- consummation of the Offer, without a vote of Poseida’s stockholders, in accordance with Section 251(h) of the DGCL.
far this year in a trucking sec- ration.

ly
The Poseida board of directors (the “Poseida Board”) has duly and unanimously (i) determined that the transactions contemplated by the Merger Agreement and
tor marked by low freight “As demand for trucking the CVR Agreement, including the Offer and the Merger, are advisable and fair to, and in the best interests of, Poseida and its stockholders; (ii) approved the execution,
rates amid tepid demand and services waned, however, once delivery and performance by Poseida of the Merger Agreement and the consummation of transactions contemplated thereby, including the Offer and the Merger, and
approved the CVR Agreement and the transactions contemplated thereby; (iii) resolved that the Merger Agreement will be effected under Section 251(h) of the DGCL;
what companies say is excess stay-at-home orders dissi- and (iv) resolved to recommend that Poseida’s stockholders accept the Offer and tender their Shares to Offeror pursuant to the Offer.
capacity. Texas-based US Lo-
gistics Solutions shut down In
June, eliminating about 2,000
jobs and 500 trucks from the
pated, diesel prices soared, in-
terest rates rose, and there
was a sudden glut of trucks
and drivers throughout the
on On the date of the Offer to Purchase, Poseida will file its Tender Offer Solicitation/Recommendation Statement on Schedule 14D-9 (the “Schedule 14D-9”) with the United
States Securities and Exchange Commission (the “SEC”) and disseminate the Schedule 14D-9 to Poseida stockholders with the Offer to Purchase. The Schedule 14D-9 will
include a more complete description of the Poseida Board’s reasons for authorizing and approving the Merger Agreement, the CVR Agreement and the transactions contemplated
thereby and therefore stockholders are encouraged to review the Schedule 14D-9 carefully and in its entirety.
The Offer is conditioned upon, among other things, (i) there being validly tendered in accordance with the terms of the Offer (and “received” as defined in Section 251(h) of the
market, and Arnold Transpor- United States,” Sharp said. DGCL), that number of Shares that were not validly withdrawn and that, when added to any Shares owned by Parent and its affiliates, excluding any Shares tendered pursuant to
us ,

guaranteed delivery procedures that have not yet been “received,” represents at least one more Share than 50% of the total number of Shares outstanding at the time Offeror accepts
l

such tendered Shares for payment (the “Minimum Condition”); (ii) (A) the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended (and any
e
extensions thereof) applicable to the acquisition of the Shares pursuant to the Offer and the consummation of the Merger having expired or been terminated, (B) the applicable waiting
al a

THE TICKER periods under applicable antitrust laws in specified jurisdictions having expired or been terminated and the applicable consents or approvals required under the applicable antitrust

MARKET EVENTS COMING THIS WEEK

laws in specified jurisdictions having been obtained, and (C) any of the actions, events or circumstances specified in clause (z) of paragraph (a) under “The Offer—Section 15—
Conditions to the Offer” in the Offer to Purchase under applicable antitrust laws in specified jurisdictions having not occurred (such conditions in this clause (ii) and clause (v) below
ci on

(in the case of clause (v), as such Restraint or legal proceeding relates to any antitrust laws), the “Regulatory Condition”); (iii) Poseida’s compliance in all material respects with its
covenants and obligations required under the Merger Agreement that it is required to perform or comply with on or prior to the expiration date of the Offer; (iv) there not having been
a material adverse effect with respect to Poseida that is continuing as of the expiration of the Offer; and (v) no law or judgment, ruling, order, writ, injunction or decree (whether
temporary, preliminary or permanent) enacted, promulgated, issued or entered by any governmental body (a “Restraint”) shall be in effect enjoining or otherwise preventing or
prohibiting the making of the Offer or the consummation of the Merger or the Offer and no governmental body with competent jurisdiction having instituted any legal proceeding that
would be a Restraint on any party’s ability to consummate the Offer or the Merger or that would be a Burdensome Condition (as defined in the Offer to Purchase). These and other
conditions to the Offer are described in “The Offer—Section 15—Conditions to the Offer” in the Offer to Purchase.
er s

To the extent permitted by law, Offeror and Parent reserve the right to waive (in whole or in part) certain of the conditions to the Offer, to increase the Offer Consideration or to
make other changes to the terms and conditions of the Offer not inconsistent with the terms of the Merger Agreement, provided that without the consent of Poseida, Parent and Offeror
may not (i) decrease the Offer Consideration, including by reducing the Cash Amount or the amount or number of any of the milestone payments underlying the CVR to be paid per
m er

Share; (ii) change the form of consideration payable in the Offer; (iii) reduce the number of Shares to be acquired in the Offer; (iv) amend or modify (x) any of the conditions to the
Offer listed in “The Offer—Section 15—Conditions to the Offer” in the Offer to Purchase in a manner that is or would reasonably be expected to be adverse to the holders of Shares
or that would, individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay, or impair the ability of Parent or Offeror
JAMES MACDONALD/BLOOMBERG NEWS

to consummate the Offer, the Merger or the other transactions contemplated by the Merger Agreement and the CVR Agreement or (y) any other terms or conditions of the Offer in
a manner that is or would reasonably be expected to be materially adverse to the holders of Shares or that would, individually or in the aggregate, reasonably be expected to prevent
or materially delay the consummation of the Offer or prevent, materially delay, or materially impair the ability of Parent or Offeror to consummate the Offer, the Merger or the other
m rp

transactions contemplated by the Merger Agreement and the CVR Agreement; (v) impose conditions to the Offer in addition to those listed in “The Offer—Section 15—Conditions to
the Offer” in the Offer to Purchase; (vi) amend, modify or waive the Minimum Condition or the Regulatory Condition (other than waivers of the Regulatory Condition to the extent
not related to specified jurisdictions); (vii) accelerate, extend or otherwise change any time period for the performance of any obligation of Offeror or Parent (including the expiration
date of the Offer) other than pursuant to and in accordance with the Merger Agreement; (viii) take any action (or fail to take any action) that would result in the Merger not being
permitted to be effected pursuant to Section 251(h) of the DGCL; (ix) provide any “subsequent offering period” within the meaning of Rule 14d-11 under the Securities Exchange
Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”); or (x) amend or modify the terms of the CVR or the CVR Agreement
(other than in accordance with revisions requested by the Rights Agent that are not, individually or in the aggregate, detrimental to any person entitled to the receipt of a CVR in the
co Fo

transactions contemplated by the Merger Agreement).

Upon the terms and subject to the conditions set forth in the Offer, Offeror will accept for payment and pay for all Shares that are validly tendered and not validly withdrawn
on or prior to one minute after 11:59 p.m., New York City time, on Tuesday, January 7, 2025, or in the event the Offer is extended or earlier terminated as permitted by the
Vail Resorts is expected to post a loss of $4.99 a share. Merger Agreement, the latest time and date at which the Offer, as so extended, will expire (such time or such subsequent time to which the expiration of the Offer is extended in
accordance with the Merger Agreement, the “Expiration Time”).
Pursuant to the terms of the Merger Agreement, if at the Expiration Time, any condition to the Offer has not been satisfied or waived, to the extent waivable in accordance with the
Monday GameStop (0.03)/0.00 Thursday Merger Agreement, Offeror will extend the Offer for one or more consecutive increments of up to ten business days each (or such longer period as Parent and Poseida may mutually
Wholesale inventories Ollie’s Bargain Outlet Initial jobless claims agree) to permit such condition to be satisfied or waived, except that if, as of the applicable Expiration Time, all of the conditions to the Offer are satisfied or waived other than the
Holdings 0.57/0.51 Minimum Condition and those conditions which by their nature are to be satisfied at the expiration of the Offer, Offeror shall not be required to extend the Offer beyond the expiration
Sep., previous Previous 224,000 date that immediately follows the satisfaction of the Regulatory Condition for more than four occasions, not to exceed an aggregate of 40 business days. In addition, Offeror will extend
down 0.2% Wednesday Expected 224,000 the Offer for any period required by any rule, regulation, interpretation or position of the SEC or its staff, any rule or regulation of the Nasdaq Stock Market or any law that is applicable
Oct., expected up 0.2% to the Offer. Notwithstanding the foregoing, Offeror is neither obligated nor, in the absence of Poseida’s prior written consent, permitted, to extend the Offer beyond the Outside Date
Earnings expected Consumer price index Freddie Mac mortgage
(as defined in the Offer to Purchase). In the event that the Merger Agreement is terminated, Offeror will promptly (and in any event within 24 hours) irrevocably and unconditionally
terminate the Offer, not acquire any Shares pursuant thereto, and cause any depositary acting on its behalf to promptly return all tendered Shares to the registered holders thereof.
Estimate/Year Ago All items, Oct. up 2.6% survey Any extension, termination or amendment of the Offer will be followed as promptly as practicable by a public announcement thereof, and such announcement in the case of
Casey’s General Stores Nov., expected up 2.7% Previous weekly averages an extension will be made no later than 9:00 a.m., New York City time, on the business day after the previously scheduled Expiration Time.
4.29/4.24 Core, Oct. up 3.3% 30-year fixed 6.69% In order to take advantage of the Offer, you must either (i) complete and sign the Letter of Transmittal in accordance with the instructions in the Letter of Transmittal, have your
n-

Nov., expected up 3.2% signature guaranteed (if required by Instruction 1 to the Letter of Transmittal), mail or deliver the Letter of Transmittal (or a manually signed facsimile copy) and any other required
HealthEquity 0.72/0.60 15-year fixed 5.96% documents to Citibank, N.A., the depositary for the Offer (the “Depositary”), and either deliver the certificates for your Shares along with the Letter of Transmittal to the Depositary
MongoDB 0.67/0.96 EIA status report Producer price index or tender your Shares pursuant to the procedures for book-entry transfer set forth in “The Offer—Section 3—Procedures for Tendering Shares” in the Offer to Purchase or (ii) request
Previous change in stocks in
Oracle 1.48/1.34 All items, Oct. up 0.2% your broker, dealer, commercial bank, trust company or other nominee to effect the transaction for you. If your Shares are registered in the name of a broker, dealer, commercial bank,
millions of barrels trust company or other nominee, you must contact such broker, dealer, commercial bank, trust company or other nominee to tender your Shares. If you desire to tender your Shares,
Toll Brothers 4.34/4.11 Nov., expected up 0.2%
no

Crude-oil stocks, and certificates evidencing your Shares are not immediately available or you cannot deliver such certificates and all other required documents to the Depositary or you cannot comply
Vail Resorts Core, Oct. up 0.3% with the procedures for book-entry transfer described in “The Offer—Section 3—Procedures for Tendering Shares” in the Offer to Purchase, in each case prior to the Expiration Time,
down 5.1
(4.99)/(4.60) Nov., expected up 0.2% you may tender your Shares by following the procedures for guaranteed delivery set forth in “The Offer—Section 3—Procedures for Tendering Shares” in the Offer to Purchase.
Gasoline stocks, up 2.4 For purposes of the Offer, Offeror will be deemed to have accepted for payment Shares validly tendered and not validly withdrawn when, as and if Offeror gives oral or
EIA report: natural-gas
Tuesday Distillates up 3.4 Previous change in stocks in written notice of Offeror’s acceptance to the Depositary. Upon the terms and subject to the conditions to the Offer, Offeror will pay for Shares accepted for payment pursuant to
Mort. bankers indexes billions of cubic feet the Offer by deposit of the aggregate Cash Amount therefor with the Depositary, which will act as agent for tendering stockholders for the purpose of receiving payments and
Short-selling reports transmitting such payments to tendering stockholders. At or prior to the time Offeror accepts such tendered Shares for payment, Parent will execute the CVR Agreement with the
Ratio, days of trading volume Purch., previous down 30 Rights Agent governing the terms of the CVRs issued pursuant to the Offer. Neither Offeror nor Parent will be required to deposit any funds related to the CVRs with the Rights
of current position, at Nov 15 up 6.0% Earnings expected Agent unless and until such deposit is required pursuant to the terms of the CVR Agreement. Under no circumstances will Offeror pay interest on the Offer Consideration,
NYSE 3.6 Refinan., prev. Estimate/Year Ago regardless of any extension of the Offer or any delay in making such payment.
Nasdaq 1.8 down 1.0% Broadcom 1.39/1.11 Except as otherwise provided in “The Offer—Section 4—Withdrawal Rights,” in the Offer to Purchase, tenders of Shares pursuant to the Offer are irrevocable. However, you
may withdraw some or all of the Shares tendered pursuant to the Offer at any time prior to the Expiration Time as explained below. For your withdrawal to be effective, a written
Unit labor costs Treasury budget Ciena 0.65/0.75 or facsimile transmission notice of withdrawal with respect to the applicable Shares must be timely received by the Depositary at one of its addresses set forth on the back cover of
2nd qtr., prev up 1.9% Nov., ‘23 Costco Wholesale the Offer to Purchase, and such notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to be withdrawn and, if
3rd qtr. prel, exp. $314 bil. Deficit 3.79/3.58 different from that of the person who tendered such Shares, the name of the registered holder of the Shares to be withdrawn. If certificates representing the Shares to be withdrawn
have been delivered to the Depositary (except in the case of Shares tendered by an Eligible Institution (as defined in the Offer to Purchase)), a signed notice of withdrawal with
up 1.2% Nov.,’24, exp
Earnings expected $353 bil. Deficit
Friday signatures guaranteed by an Eligible Institution must be submitted before the release of such Shares. In addition, such notice must specify, in the case of Shares tendered by delivery
of certificates to the Depositary, the serial numbers shown on the specific certificates evidencing the Shares to be withdrawn or, in the case of Shares tendered by book-entry transfer,
Estimate/Year Ago Earnings expected Import price index the name and number of the account at The Depository Trust Company to be credited with the withdrawn Shares. Withdrawals of tendered Shares may not be rescinded, and Shares
Academy Sports and Estimate/Year Ago Oct., previous up 0.3% validly withdrawn will no longer be considered validly tendered. However, withdrawn Shares may be retendered at any time before the Expiration Time by again following any
of the procedures described in the Offer to Purchase.
Outdoors 1.28/1.38 Adobe 4.67/4.27 Nov., expected Subject to applicable law as applied by a court of competent jurisdiction, Offeror will determine, in its sole discretion, all questions as to the form of documents and the
AutoZone 33.56/32.55 Nordson 2.59/2.46 down 0.2% validity, eligibility (including time of receipt) and acceptance for payment of any tender of Shares, and its determination will be final and binding.
In general, your exchange of Shares for cash and CVRs pursuant to the Offer or the Merger will be a taxable transaction for U.S. federal income tax purposes and may also
* FactSet Estimates earnings-per-share estimates don’t include extraordinary items (Losses in paren- be a taxable transaction under applicable state, local or foreign income or other tax laws. The amount of gain or loss recognized, and the timing and character of such gain or loss,
theses) u Adjusted for stock split depend on the U.S. federal income tax treatment of the CVRs, with respect to which there is some uncertainty. The receipt of the Offer Consideration might be treated as either an
Note: Forecasts are from Dow Jones weekly survey of economists “open transaction” or a “closed transaction” for U.S. federal income tax purposes. The installment method of reporting will not be available with respect to any gain attributable to
the receipt of a CVR because the Shares are traded on an established securities market. You should consult your tax advisor about the specific tax consequences to you of exchanging
your Shares for cash pursuant to the Offer in light of your particular circumstances. See “The Offer—Section 5—Certain U.S. Federal Income Tax Consequences” in the Offer to
Purchase for a more detailed discussion of the tax consequences of the Offer and the Merger.
Listen to a Podcast: The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 promulgated under the Exchange Act is contained in the Offer to Purchase and is incorporated
The $6 Million Banana’s Appeal herein by reference.
Poseida has provided to Offeror its list of stockholders and security position listings and certain other information regarding the beneficial owners of Shares for the purpose
of disseminating the Offer to holders of Shares. The Offer to Purchase, the related Letter of Transmittal and other related materials will be mailed to record holders of Shares and
will be furnished to brokers, dealers, commercial banks, trust companies and other nominees whose names appear on Poseida’s stockholder list or, if applicable, who are listed as
participants in a clearing agency’s security position listing for subsequent transmittal to beneficial owners of Shares.
The Offer to Purchase and the related Letter of Transmittal contain important information that should be read carefully before any decision is made with
respect to the Offer.
Questions and requests for assistance and copies of the Offer to Purchase, the Letter of Transmittal and all other tender offer materials may be directed to the Information
Agent at its address and telephone numbers set forth below and will be furnished promptly at Offeror’s expense. Neither Parent nor Offeror will pay any fees or commissions
to any broker or dealer or any other person (other than to the Information Agent and the Depositary, as described in the Offer to Purchase) in connection with the solicitation of
tenders of Shares pursuant to the Offer. Brokers, dealers, commercial banks, trust companies and other nominees will, upon request, be reimbursed by Offeror for reasonable and
necessary costs and expenses incurred by them in forwarding materials to their customers.
KENA BETANCUR/AFP/GETTY IMAGES

The Information Agent for the Tender Offer is:

7 Penn Plaza
New York, New York 10001
(212) 929-5500
Last month, Maurizio Cattelan’s “Comedian,”
or
a piece of conceptual art that consists of a Call Toll-Free 1-800-322-2885
banana duct taped to a wall, sold at a Email: [email protected]
Sotheby’s auction for $6.2 million. Scan this December 9, 2024
code for a podcast on the banana’s origins.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index New to the Market
Last Year ago Last Year ago
44642.52 t 268.13, or 0.60% last week Trailing P/E ratio 28.03 26.24 6090.27 s 57.89, or 0.96% last week Trailing P/E ratio * 25.41 21.74 Public Offerings of Stock
High, low, open and close for each of P/E estimate * 22.91 19.87 High, low, open and close for each of P/E estimate * 22.54 20.41
the past 52 weeks Dividend yield 1.78 2.05 the past 52 weeks Dividend yield * 1.22 1.57 IPOs in the U.S. Market
All-time high 45014.04, 12/04/24 All-time high 6090.27, 12/06/24
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Current divisor 0.16268413125742 Rule 144a market; deal amounts are for the U.S. market only
43400 6000 Symbol/ Pricing
65-day Expected primary Shares Range($)
moving average pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
65-day 41500 5700 12/11 11/18 ServiceTitan TTAN 8.8 52.00/ Goldman Sachs,
moving average Develops business Nq 57.00 Morgan Stanley
software

39600 5400 Lockup Expirations

Below, companies whose officers and other insiders will become eligible
37700 5100 to sell shares in their newly public companies for the first time. Such
Week's high sales can move the stock’s price.
DOWN UP Lockup Offer Offer amt Through Lockup
35800 4800 expiration Issue date Symbol price($) ($ mil.) Friday (%) provision
t

Monday's open Friday's close

Dec. 8 Sept. 10, ’24 Trident Digital Tech TDTH 5.00 9.0 –53.2 90
Friday's close Monday's open
t

Dec. 10 June 14, ’24 Tempus AI TEM 37.00 410.7 36.3 180
200-day moving average 33900 200-day moving average 4500
Week's low Sources: LSEG Data and Analytics; Dow Jones Market Data
Bars measure the point change from Monday's open
32000 4200 IPO Scorecard
D J F M A M J J A S O N D D J F M A M J J A S O N D Performance of IPOs, most-recent listed first
Primary % Chg From % Chg From
NYSE weekly volume, in billions of shares market Composite Friday's Offer 1st-day Friday3s Offer 1st-day
t
t

Company SYMBOL Company SYMBOL

Scan this code IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
36
24 Get real-time U.S. stock quotes and track Linkers Industries 4.32 8.0 –0.2 FACT II Acquisition 9.96 –0.4 0.1
most-active stocks, new highs/lows, mutual LNKS Dec. 5/$4.00 FACTU Nov. 26/$10.00
12
0 funds and ETFs.. Shepherd Ave Capital Acquisition 9.99 –0.1 ... Wing Yip Food 4.91 22.8 15.8
D J F M A M J J A S O N SPHAU Dec. 5/$10.00 WYHG Nov. 26/$4.00
Available free at WSJMarkets.com
zSpace 16.15 223.0 –26.6 Ming Shing 5.95 8.2 6.4
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index
ZSPC Dec. 5/$5.00 MSW Nov. 22/$5.50

Major U.S. Stock-Market Indexes Nasdaq Composite Tavia Acquisition

TAVIU Dec. 4/$10.00
9.99 –0.1 ... CO2 Energy Transition
NOEMU Nov. 21/$10.00
9.99 –0.1 0.1

Latest Week 52-Week % chg s 641.61, or 3.34%

High Low Close Net chg % chg Low Close (l) High %chg YTD 3-yr. ann. Jupiter Neurosciences 7.79 94.8 41.9 Dynamix 9.96 –0.4 ...
Dow Jones
last week JUNS Dec. 3/$4.00 DYNXU Nov. 21/$10.00
Industrial Average 45073.63 44574.78 44642.52 -268.13 -0.60 36247.87 • 45014.04 23.2 18.4 8.2 Brazil Potash 13.00 –13.3 –3.8 Horizon Space Acquisition II 10.00 ... 0.1
Transportation Avg 17636.75 16845.15 16879.40 -739.23 -4.20 14781.56 • 17754.38 11.0 6.2 1.1
19800
GRO Nov. 27/$15.00 HSPTU Nov. 15/$10.00

Utility Average 1082.54 1032.69 1035.53 -43.42 -4.02 829.38 • 1079.88 18.5 17.5 3.8 BrilliA
BRIA Nov. 27/$4.00
3.89 –2.8 –2.8 Invizyne
IZTC Nov. 12/$8.00
13.24 65.5 53.1
Total Stock Market 60912.07 60264.53 60832.83 545.82 0.91 45923.28 • 60836.59 32.5 27.3 9.0
Pony AI –3.1 A SPAC III Acquisition 0.4
Barron's 400 1359.79 1338.46 1340.39 -13.13 -0.97 1013.26 • 1356.99 32.3 25.0 7.7 19500
PONY Nov. 27/$13.00
12.60 5.0
ASPCU Nov. 8/$10.00
10.04 0.5

Nasdaq Stock Market Venu 10.19 1.9 0.7 Willow Lane Acquisition 9.97 –0.3 ...
19200
Nasdaq Composite 19863.14 19255.43 19859.77 641.61 3.34 14403.97 • 19859.77 37.9 32.3 9.3 VENU Nov. 27/$10.00 WLACU Nov. 8/$10.00

.
Nasdaq-100 21626.31 20971.76 21622.25 691.88 3.31 16084.69 • 21622.25 34.4 28.5 10.9 Creative Global Techonology 4.25 6.3 8.7 GSR III Acquisition 9.99 –0.2 –0.1

ly
18900 CGTL Nov. 26/$4.00 GSRTU Nov. 7/$10.00
S&P
29 2 3 4 5 6
500 Index 6099.97 6033.39 6090.27 57.89 0.96 4604.37 • 6090.27 32.3 27.7 9.9 November Sources: Dow Jones Market Data; FactSet

MidCap 400 3369.87 3321.88 3331.37 -34.81 -1.03 2632.09 • 3390.26 26.6 19.8 6.5 DJ US TSM
SmallCap 600 1541.93 1505.13 1510.70 -21.91 -1.43 on
1220.21 • 1544.66 23.8 14.6 3.2
Public and Private Borrowing
s 545.82, or 0.91%
Other Indexes last week Treasurys
Russell 2000 2442.61 2395.16 2408.99 -25.73 -1.06 1880.82 • 2442.03 28.1 18.8 3.0 Monday, December 9 Tuesday, December 10
NYSE Composite 20315.58 20083.94 20107.79 -164.25 -0.81 16207.76 • 20272.04 24.1 19.3 6.6 Auction of 13 and 26 week bills; Auction of 3 year note;
us ,

Value Line 656.04 647.23 648.63 -5.09 -0.78 560.24 • 656.04 15.8 9.2 -0.3 60700 announced on December 5; settles on December 12announced on December 5; settles on December 16
l

NYSE Arca Biotech 6085.01 5931.65 6041.82 41.91 0.70 4861.76 • 6154.34 21.9 11.5 5.0 Wednesday, December 11 Thursday, December 12
e
•
al a

NYSE Arca Pharma 995.08 980.87 989.23 4.40 0.45 882.28 1140.17 11.9 8.7 8.8
60400 Auction of 17 week bill; Auction of 4 and 8 week bills;
KBW Bank 138.65 134.16 135.62 -2.55 -1.84 88.61 • 138.78 53.0 41.2 0.7 announced on December 10; settles on December 17announced on December 10; settles on December 17
PHLX§ Gold/Silver 153.70 147.21 147.72 -2.75 -1.83 102.94 • 175.74 25.1 17.5 5.1
ci on

PHLX§ Oil Service 81.30 75.28 75.43 -4.917 -6.12 72.67 • 95.25 -4.5 -10.1 13.1 60100
PHLX§ Semiconductor 5143.88 4956.41 5061.30 134.74 2.73 3774.17 • 5904.54 34.1 21.2 10.0
A Week in the Life of the DJIA
Cboe Volatility 14.10 12.70 12.77 -0.74 -5.48 11.86 • 38.57 3.4 2.6 -22.3 59800

Nasdaq PHLX 29 2 3 4 5 6 A look at how the Dow Jones Industrial Average component stocks
Sources: FactSet; Dow Jones Market Data November did in the past week and how much each moved the index. The DJIA
er s

lost 268.13 points, or 0.60%, on the week. A $1 change in the price of

any DJIA stock = 6.15-point change in the average. To date, a $1,000
International Stock Indexes Commodities and investment on Dec. 31 in each current DJIA stock component would
m er

Latest Week 52-Week Range YTD

Currencies have returned $38,815, or a gain of 29.38%, on the $30,000
Region/Country Index Close % chg Low Close High % chg investment, including reinvested dividends.
Last Week YTD
World MSCI ACWI 873.73 1.30 698.32 • 873.73 20.2 Close Net chg %Chg % chg The Week’s Action
338.35 1.71 302.00 • 357.36 6.9
m rp

MSCI ACWI ex-USA DJ Commodity 1000.03 -6.24 -0.62 4.41 Pct Stock price Point chg $1,000 Invested(year-end '23)
MSCI World 3855.07 1.18 3047.21 • 3855.07 21.6 FTSE/CC CRB Index 286.34 -0.60 -0.21 8.53
chg (%) change in average* Company Symbol Close $1,000
9.70
MSCI Emerging Markets 1105.08 2.46 958.39 • 1187.97 7.9 Crude oil, $ per barrel 67.20 -0.80 -1.18 -6.21
32.00 196.70 Salesforce CRM $361.99 $1,382
9.21 AMZN 227.03 1,494
Americas MSCI AC Americas 2299.62 1.02 1746.51 • 2299.62 26.8 Natural gas, $/MMBtu 3.076 -0.287 -8.53 22.35
19.14 117.65 Amazon.com
Canada S&P/TSX Comp 25691.80 0.17 20233.84 • 25691.80 22.6 Gold, $ per troy oz. 2638.60 -18.40 -0.69 27.94 4.75 20.11 123.61 Microsoft MSFT 443.57 1,188
Latin Amer. MSCI EM Latin America 1998.99 0.01 1973.88 • 2675.33 –24.9 4.67 10.63 65.34 IBM IBM 238.04 1,508
co Fo

U.S. Dollar Index 105.97 0.23 0.22 4.53

Brazil Bovespa 125945.67 0.22 119137.86 • 137343.96 –6.1
WSJ Dollar Index 100.38 0.43 0.43 4.74 3.46 3.20 19.67 Walmart WMT 95.70 1,839
Chile S&P IPSA 3595.06 1.10 3265.99 • 3714.61 3.7
Euro, per dollar 0.9462 0.001 0.10 4.44 3.03 4.19 25.76 NVIDIA NVDA 142.44 2,877
Mexico S&P/BMV IPC 51348.80 3.08 49721.85 • 58711.87 –10.5
150.01 0.25 0.17 6.36
Yen, per dollar 2.32 5.51 33.87 Apple AAPL 242.84 1,267
EMEA STOXX Europe 600 520.47 2.00 467.71 • 528.08 8.7
U.K. pound, in dollars 1.26 -0.0097 -0.76 -0.74 1.43 1.45 8.91 Merck & Co MRK 103.09 964
STOXX Europe 50 4416.25 2.03 4033.40 • 4577.60 7.9
52-Week
Eurozone Euro STOXX 513.74 2.99 462.34 • 527.81 8.4 Low Close(l) High % Chg
1.15 0.68 4.18 Cisco CSCO 59.89 1,224
Euro STOXX 50 4977.78 3.61 4403.08 • 5100.90 10.1
DJ Commodity 934.97 1079.94 5.27
1.00 2.97 18.26 McDonald’s MCD 298.98 1,033
Austria ATX 3583.69 1.25 3297.85 • 3775.49 4.3 l
0.52 2.24 13.77 Home Depot HD 431.37 1,275
Belgium Bel-20 4242.64 0.36 3552.84 • 4333.65 14.4 FTSE/CC CRB Index 258.09 l 300.23 8.95
0.15 0.12 0.74 NIKE NKE 78.89 739
France CAC 40 7426.88 2.65 7130.04 • 8239.99 –1.5 Crude oil, $ per barrel 65.75 l 86.91 -5.66
–0.23 1,642
Germany DAX 20384.61 3.86 16431.69 • 20384.61 21.7 Natural gas, $/MMBtu 1.575 l 3.431 19.18 –0.69 –4.24 American Express AXP 303.99
Greece Athex Composite 1456.52 4.52 1275.09 • 1502.79 12.6 Gold, $ per troy oz. 1977.80 l 2788.50 32.04 –0.31 –0.42 –2.58 3M MMM 133.11 1,507
Israel Tel Aviv 2321.78 2.71 1783.15 • 2322.66 24.5 –0.63 –0.74 –4.55 DIS 116.73 1,299
n-

Walt Disney
Italy FTSE MIB 34749.50 4.00 30077 • 35410 14.5 U.S. Dollar Index 100.38 l 107.55 1.88
–0.95 –2.36 –14.51 JPMorgan Chase JPM 247.36 1,489
Netherlands AEX 891.67 1.13 771.43 • 944.91 13.3 WSJ Dollar Index 95.31 l 101.26 2.30
–0.97 –1.51 –9.28 Boeing BA 153.93 591
Norway Oslo Bors All-Share 1662.44 –0.55 1440.55 • 1690.58 9.4 Euro, per dollar 0.8934 l 0.9591 1.84
Portugal PSI 20 6336.31 –1.28 6055.53 • 6971.10 –0.9 Yen, per dollar 140.61 l 161.70 3.49 –1.29 –4.07 –25.02 Visa V 311.01 1,204
no

South Africa FTSE/JSE All-Share 86938.44 2.87 71693.09 • 87643.65 13.1 U.K. pound, in dollars 1.23 l 1.34 0.72 –1.46 –8.89 –54.65 Goldman Sachs GS 599.68 1,592
Spain IBEX 35 12072.00 3.70 9858.3 • 12118.7 19.5 –1.84 –4.89 –30.06 Travelers TRV 261.15 1,390
Sweden OMX Stockholm 998.13 3.36 859.65 • 1019.81 10.5 Go to WSJMarkets.com for free –2.42 –1.55 –9.53 Coca-Cola KO 62.53 1,093
Switzerland Swiss Market 11780.65 0.14 11057.55 • 12451.48 5.8 access to real-time market data.
–2.73 –11.08 1,357
U.K. FTSE 100 8308.61 0.26 7446.29 • 8445.80 7.4 –68.11 Caterpillar CAT 395.03
–2.81 –6.55 –40.26 Honeywell HON 226.38 1,102
Asia-Pacific MSCI AC Asia Pacific 186.86 1.87 160.9 • 197.3 10.3
Australia S&P/ASX 200 8420.90 –0.18 7194.9 • 8495.2 10.9 –3.03 –5.44 –33.44 Procter & Gamble PG 173.82 1,216
China Shanghai Composite 3404.08 2.33 2702.19 • 3489.78 14.4 –3.13 –12.44 –76.47 Sherwin-Williams SHW 384.96 1,245
Hong Kong Hang Seng 19865.85 2.28 14961.18 • 23099.78 16.5
–3.64 –10.29 –63.25 Amgen AMGN 272.58 975
India BSE Sensex 81709.12 2.39 69551.03 • 85836.12 13.1
–3.68 –5.70 –35.04 Johnson & Johnson JNJ 149.31 983
Japan NIKKEI 225 39091.17 2.31 31458.42 • 42224.02 16.8
–4.13 –6.69 –41.12 CVX 155.24 1,085
Malaysia FTSE Bursa Malaysia KLCI 1613.25 1.19 1441.97 • 1678.80 10.9 Chevron
Singapore Straits Times 3796.16 1.52 3090.20 • 3822.68 17.2 –4.44 –1.97 –12.11 Verizon VZ 42.37 1,199
South Korea KOSPI 2428.16 –1.13 2416.86 • 2891.35 –8.6 –9.93 –60.58 –372.38 UnitedHealth Group UNH 549.62 1,056
Taiwan TAIEX 23193.27 4.18 17161.79 • 24390.03 29.3
*Based on Composite price. DJIA is calculated on primary-market price.
Source: FactSet; Dow Jones Market Data Source: Dow Jones Market Data; FactSet.

Consumer Rates and Returns to Investor Benchmark Yields and Rates

Selected rates Currencies
U.S. consumer rates Treasury yield curve Forex Race
A consumer rate against its 30-year mortgage, Rate Yield to maturity of current bills, Yen, euro vs. dollar; dollar vs. U.S.-dollar foreign-exchange rates in late New York trading
benchmark over the past year notes and bonds major U.S. trading partners US$vs, US$vs,
Bankrate.com avg†: 7.04% Fri YTDchg Fri YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
30-year fixed-rate Atlanta Postal Credit Union 5.88% 6.00%
mortgage 12% Americas Thailand baht .02934 34.080 –0.9
8.00% Atlanta, GA 800-849-8431
t 5.00 Vietnam dong .00003939 25388 4.6
One year ago Argentina peso .00101012.6495 25.3
Farmers Bank 6.00% 6 WSJ Dollar Index Europe
6.00 t s Brazil real .1642 6.0899 25.5
Buhl, ID 208-734-1500 t 4.00 Canada dollar .7063 1.4159 6.9 Czech Rep. koruna .04211 23.747 6.1
4.00 StateDepartmentFederalCreditUnion 6.00% 0 Chile peso .001025 975.19 11.4 Denmark krone .1417 7.0565 4.1
t Tradeweb FTSE Friday Close 3.00 s Euro area euro 1.0569 .9462 4.4
Alexandria, VA 800-296-8882 Colombiapeso .000227 4407.30 13.7
10-year Treasury Euro Hungary forint .002554 391.54 12.8
2.00 2.00 –6 Ecuador US dollar 1 1 unch
Chemung Canal Trust Company 6.13% s Iceland krona .007254 137.86 1.4
note yield Mexico peso .0495 20.1882 19.0
Elmira, NY 607-737-3711 Yen Norway krone .0896 11.1567 9.7
0.00 1.00 –12 Uruguay peso .02301 43.4650 11.3
Intrust Bank 6.38% Poland zloty .2477 4.0380 2.6
D J F M A M J J A S O ND 1 3 6 1 2 3 5 7 10 20 30 Asia-Pacific
2024 Sweden krona .0914 10.9354 8.2
2024 Wichita, KS 800-895-2265 month(s) years Australiadollar .6390 1.5649 6.7 Switzerland franc 1.1384 .8784 4.4
maturity China yuan .1375 7.2707 2.2 Turkey lira .0288 34.7396 17.9
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Hong Kong dollar .1286 7.7791 –0.4 Ukraine hryvnia .0241 41.5500 8.9
India rupee .01181 84.669 1.8 UK pound 1.2639 .7912 0.7
Federal-funds rate target 4.50-4.75 4.50-4.75 4.50 l 5.50 4.50 Corporate Borrowing Rates and Yields Indonesia rupiah .0000630 15865 3.1 Middle East/Africa
Prime rate* 7.75 7.75 7.75 l 8.50 4.50 Spread +/- Treasurys, Japan yen .006666 150.01 6.4
Bahrain dinar 2.6520 .3771 0.03
SOFR 4.59 4.57 4.56 l 5.40 4.54 Yield (%) in basis pts, 52-wk Range Total Return Kazakhstan tenge .001968 508.12 11.6
Egypt pound .0200 49.9811 61.6
Bond total return index Last Wk ago Last Low High 52-wk 3-yr Macau pataca .1247 8.0170 –0.5
Money market, annual yield 0.42 0.43 0.41 l 0.52 0.35 Israel shekel .2792 3.5818 –0.6
Malaysia ringgit .2263 4.4195 –3.8
Five-year CD, annual yield 2.86 2.86 2.80 l 2.89 2.44 U.S. Treasury, Bloomberg 4.160 4.220 4.46 -2.41 Kuwait dinar 3.2569 .3070 –0.1
New Zealand dollar .5830 1.7153 8.4 Oman sul rial 2.5974 .3850 0.01
30-year mortgage, fixed† 7.04 7.24 6.69 l 7.72 3.83 U.S. Treasury Long, Bloomberg 4.410 4.460 3.47 -10.64 Pakistan rupee .00360 277.925 –1.1 Qatar rial .2743 3.645 0.05
15-year mortgage, fixed† 6.47 6.48 6.02 l 7.11 3.95 Aggregate, Bloomberg 4.580 4.640 32 32 45 5.76 -1.81 Philippines peso .0173 57.850 4.4 Saudi Arabia riyal .2662 3.7572 0.2
Jumbo mortgages, $766,550-plus† 7.09 7.28 6.78 l 7.79 3.88 Fixed-Rate MBS, Bloomberg 4.870 4.950 39 37 56 6.27 -1.39 Singapore dollar .7448 1.3427 1.8 South Africa rand .0555 18.0200 –1.5
Five-year adj mortgage (ARM)† 6.34 6.42 5.88 l 6.78 3.49 High Yield 100, ICE BofA 6.218 6.371 191 191 328 11.37 3.76 South Korea won .0007016 1425.25 10.1
New-car loan, 48-month 7.41 7.22 7.18 l 7.94 3.86 Muni Master, ICE BofA 3.158 3.252 2 -6 9 4.19 0.11 Sri Lanka rupee .0034436 290.39 –10.4 Close Net Chg % Chg YTD%Chg
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest Taiwan dollar .03085 32.410 5.6 WSJ Dollar Index 100.38 0.35 0.35 4.74
EMBI Global, J.P. Morgan 7.223 7.308 300 270 379 11.72 0.02
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Fixed Income Indices; ICE BofA Sources: Tullett Prebon, Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Monday, December 9, 2024 | B9

CLOSED-END FUNDS
Listed are the 300 largest closed-end funds as 52 wk Prem12 Mo Prem12 Mo 52 wk Prem12 Mo
measured by assets. Closed-end funds sell a limited Prem Ttl Fund (SYM) NAV Close /Disc Yld Fund (SYM) NAV Close /Disc Yld Prem Ttl Fund (SYM) NAV Close /Disc Yld
number of shares and invest the proceeds in securities. Fund (SYM) NAV Close /Disc Ret Fund (SYM) NAV Close /Disc Ret
Unlike open-end funds, closed-ends generally do not High Yield Bond Funds EVNatMuniOpp EOT 18.90 17.40 -7.9 4.4 AB CarVal Credit Opp;U 10.04 NA NA NS
buy their shares back from investors who wish to cash Tortoise Enrgy Infra Crp TYG 50.36 45.21 -10.2 75.7 abrdn Inc Credit Str ACP 6.50 6.42 -1.2 18.6 InvAdvMuIncTrII VKI 9.91 9.17 -7.5 5.8 Principal Real Asst Y 26.63 NA NA 6.7 Opprtnstc Crdt Intrvl;I 11.63 NA NA 9.4
in their holdings. Instead, fund shares trade on a stock
exchange. NA signifies that the information is not Tortoise Midstream Enrgy NTG 63.65 57.18 -10.2 81.5 AllianceBernGlHiIncm AWF 11.44 10.94 -4.4 7.3 Invesco MuniOp OIA 6.58 6.57 -0.2 5.1 Redwood Rl Est;I 25.10 NA NA 8.1 PIMCO Flexible Cr I;A-1 NA NA NA 10.3
available or not applicable. NS signifies funds not in Ecofin S&S Impact Term TEAF 14.85 12.66 -14.7 15.5 Allspring Income Oppty EAD 7.48 7.06 -5.6 8.8 InvescoMuOppTr VMO 11.07 10.08 -8.9 5.8 The Private Shares;A 39.96 NA NA 3.2 PIMCO Flexible Cr I;A-2 NA NA NA 10.3
existence for the entire period. 12 month yield is
VDivInt&PremStr NFJ NA 13.17 NA 20.1 Barings Glb SD HY Bd BGH 16.16 16.24 +0.5 9.3 InvescoMuTr VKQ 11.10 10.15 -8.6 5.8 The Private Shares;I 40.70 NA NA 3.5 PIMCO Flexible Cr I;A-3 NA NA NA 10.1
computed by dividing income dividends paid (during
the previous 12 months for periods ending at month- V Art Int&Tech Opps AIO NA 25.45 NA 60.7 BR Corporate HY HYT 9.85 9.93 +0.8 9.4 InvescoQual Inc IQI 11.16 10.21 -8.5 5.9 The Private Shares;L 39.25 NA NA 2.9 PIMCO Flexible Cr I;A-4 NA NA NA 10.1
end or during the previous 52 weeks for periods Income & Preferred Stock Funds BlackRock Ltd Dur Inc BLW 14.24 14.42 +1.3 9.2 InvTrInvGrMu VGM 11.43 10.44 -8.7 5.8 Thirdline Real EstateI 10.04 NA NA 5.3 PIMCO Flexible Cr I;Inst NA NA NA 10.8
ending at any time other than month-end) by the
latest month-end market price adjusted for capital Dividend and Income BXSY 21.00 NA NA NA BNY Mellon Hi Yield Str DHF 2.78 2.63 -5.4 7.6 InvescoValMunInc IIM 13.60 12.55 -7.7 5.9 USQ Core Real Estate:I 22.33 NA NA -7.4 Polen Credit Opps;Inst 9.79 NA NA 9.8
gains distributions. Depending on the fund category, CalamosStratTot CSQ 18.90 18.44 -2.4 38.5 USQ Core Real Estate:L 22.41 NA NA -7.4 Other Domestic Taxable Bond Funds
Brookfield Real Asst Inc RA 15.00 13.66 -8.9 9.8 NeubrgrBrm NBH 12.11 10.82 -10.7 4.9
either 12-month yield or total return is listed.
CohenStrsLtdDurPref&Inc LDP 22.16 21.24 -4.2 24.7 Versus Cap RE:I 24.81 NA NA -1.1 AFA Private Credit;Fndr 9.69 NA NA 7.6
Source: LSEG CrSuisHighYld DHY 2.22 2.23 +0.5 8.4 Nuveen AMT-Fr Mu Val NUW 15.44 13.95 -9.7 3.7
CohenStrsSelPref&Income PSF 21.89 20.47 -6.5 15.7 Versus Capital Real Asst 28.09 NA NA 4.6 AFA Private Credit;Inst 9.70 NA NA 7.6
Friday, December 6, 2024 DoubleLine Inc Sol DSL 12.80 12.98 +1.4 10.3 Nuveen AMT-Fr Qlty Mun I NEA 12.70 11.90 -6.3 6.0
CohenStrsTaxAvPreSecs&I PTA 21.21 20.21 -4.7 22.8 Wildermuth:I 4.34 NA NA -50.2 Alternative Credit Inc:A NA NA NA 7.1
52 wk DoubleLine Yld Opps DLY 16.33 16.50 +1.0 8.9 Nuveen AMT-Fr Mu CI NVG 14.00 13.19 -5.8 6.0
Income & Preferred Stock Funds Alternative Credit Inc:C NA NA NA 6.4
Prem Ttl FirstTrIntDurPref&Inc FPF 19.66 18.68 -5.0 29.7 First Trust HY Opp:2027 FTHY 15.39 14.62 -5.0 10.4 Nuveen Dyn Muni Opp NDMO 11.29 10.78 -4.5 6.8
ALPHA ALT ASST;A 6.32 NA NA 5.5 Alternative Credit Inc:I NA NA NA 7.4
Fund (SYM) NAV Close /Disc Ret JHanPrefInc HPI 16.86 17.42 +3.3 27.8 Franklin Univ FT 8.32 7.70 -7.5 6.5 Nuveen Mu Crdt Opps NMCO 12.09 11.23 -7.1 6.1 Alpha Alternative Assets 6.39 NA NA 5.9 Alternative Credit Inc:L NA NA NA 6.9
General Equity Funds JHPrefIncII HPF 16.70 17.35 +3.9 26.0 KKR Income Opportunities KIO NA 13.66 NA 10.8 Nuv Muni Credit Income NZF 13.76 13.02 -5.4 6.1 Alternative Credit Inc:W NA NA NA 7.2
Calamos L/S Eqty and DI CPZ 17.31 15.56 -10.1 10.2
Adams Diversified Eq Inc ADX 23.42 20.79 -11.2 37.0 HnckJPfdInco III HPS 15.01 15.64 +4.2 29.0 NeubHgYldStrt NHS 7.94 7.88 -0.8 13.8 NuvMuniHiIncOpp NMZ 11.49 11.57 +0.7 5.7 AMG Pantheon Crdt Soln;I 10.69 NA NA NS
Denali Strctr Rtrn Strat NA NA NA NS
Central Secs CET NA 47.31 NA 38.6 J Han Prm PDT 13.72 12.98 -5.4 32.3 New Amer Hi Inc HYB 8.45 8.31 -1.7 5.8 Nuveen Muni Val NUV 9.46 8.92 -5.7 3.9 Flat Rock Opportunity 19.35 NA NA 18.3 AMG Pantheon Crdt Soln;S 10.78 NA NA NS
CohenStrsCEOppFd FOF 12.44 13.24 +6.4 30.5 LMP CapInco SCD NA 17.80 NA 48.6 Nuveen Global High Inc JGH 14.10 13.34 -5.4 9.3 Nuveen Quality Muni Inc NAD 13.14 12.31 -6.3 6.0 Lord Abbett Spec Sit I:A 9.41 NA NA 12.9 Angel Oak Str Crdt:FI 21.47 NA NA 7.3
EVTxAdvDivIncm EVT NA 25.31 NA 30.4 Nuveen Pref & Inc Opp JPC 8.14 8.11 -0.4 34.0 PGIM Global High Yield GHY 13.38 13.02 -2.7 9.9 Nuveen Sel TF NXP 14.78 14.83 +0.3 4.0 Lord Abbett Spec Sit I:I 9.42 NA NA 13.9 Angel Oak Str Crdt:Inst 21.46 NA NA 7.3
GabelliDiv&IncTr GDV 29.28 25.59 -12.6 32.5 Nuveen Pref Sec & Inc Op JPI 20.27 20.70 +2.1 24.6 PGIM High Yield Bond ISD 14.23 14.22 -0.1 9.0 NYLIMacKayDTMuniOpp MMD 17.14 15.99 -6.7 4.4 Variant Altrntv Inc:Inst 27.58 NA NA 5.0 BR Credit Strat;A 8.61 NA NA 8.5
Gabelli Equity Tr GAB 5.74 5.83 +1.6 25.2 Nuveen Var Rate P&I NPFD 20.39 19.26 -5.5 31.6 PGIM Sh Dur Hi Yld Opp SDHY 17.85 16.65 -6.7 7.7 PIMCO MuniInc PMF 9.68 9.56 -1.2 5.2 Variant Impact;Instl 28.34 NA NA 7.9 BR Credit Strat;Inst 8.58 NA NA 9.2
GeneralAmer GAM 60.12 52.10 -13.3 47.8 TCW Strat Income TSI 5.27 5.04 -4.4 11.5 PioneerHilncm PHT 8.43 7.96 -5.6 8.3 PIMCOMuniIncII PML 8.98 8.76 -2.4 5.3 Versus Capital Infra Inc 10.06 NA NA NS BR Credit Strat;J 8.59 NA NA NS
JHancockTaxAdvDiv HTD 25.08 23.32 -7.0 35.6 Convertible Sec's. Funds WstAstHIF II HIX NA 4.53 NA 13.2 Pimco Muni III PMX 8.29 7.87 -5.1 4.9 Convertible Sec's. Funds BR Credit Strat;U 8.59 NA NA 8.5
Liberty All-Star Equity USA 7.35 7.33 -0.3 33.7 AdvntCnvrtbl&IncFd AVK 12.79 12.34 -3.5 31.4 Western Asset Hi Inc Opp HIO NA 3.99 NA 10.7 PioneerHilncAdv MAV 9.40 8.80 -6.4 4.2 Calmos Dyn Conv and Inc CCD 20.47 23.70 +15.8 22.8 BR Credit Strat;W 8.61 NA NA 8.5
Liberty All-Star Growth ASG 6.39 5.96 -6.7 30.4 CalamosConvHi CHY 11.20 12.15 +8.5 20.3 Western Asset Hi Yld D O HYI NA 12.22 NA 9.3 PionrMuniHiIncOppty MIO 13.14 12.30 -6.4 4.6 World Equity Funds CION Ares Dvsfd Crdt;A NA NA NA 8.9
Royce Micro-Cap Tr RMT 11.69 10.23 -12.5 26.8 CalmosConvOp CHI 10.58 11.91 +12.6 31.3 Other Domestic Taxable Bond Funds PioneerMunHiIcm MHI 10.26 9.66 -5.8 4.1 BEACON POINTE MLT-ALT;I NA NA NA NS CION Ares Dvsfd Crdt;C NA NA NA 8.1
Royce Value Trust RVT 18.55 16.82 -9.3 32.0 HiIncBd PCF 7.21 6.81 -5.5 16.3 Allspring Multi-Sector ERC 9.98 9.16 -8.2 8.6 Putnam Mgd Inc PMM 7.01 6.34 -9.6 4.4 CalamosGlbTotRet CGO 12.30 12.06 -2.0 34.8 CION Ares Dvsfd Crdt;I NA NA NA 9.1
Source Capital SOR 47.12 45.63 -3.2 22.1 V Conv & Inc NCV NA 3.71 NA 28.0 Ares Dynamic Crdt Alloc ARDC NA 15.30 NA 9.1 Putnam Muni Opp PMO 11.80 10.61 -10.1 3.8 Cantor Fitzgerald SI:A 12.50 NA NA 25.6 CION Ares Dvsfd Crdt;L NA NA NA 8.6
Special Opportunities SPE NA 15.38 NA V Conv & Inc II NCZ NA 3.34 NA 26.4 BlackRock Mlt-Sctr Inc BIT 14.71 14.80 +0.6 10.1 RiverNorth Flx Mu Inc II RFMZ 15.81 14.24 -9.9 7.3 Cantor Fitzgerald SI:C 12.32 NA NA 24.7 CION Ares Dvsfd Crdt;U NA NA NA 8.4
45.0
NA 23.20 NA 29.2 Cantor Fitzgerald SI:I 12.53 NA NA 25.9 CION Ares Dvsfd Crdt:U2 NA NA NA 8.4
Sprott Focus Trust FUND 9.21 8.09 -12.1 12.3 V Div Inc & Conv ACV BlackRock Tax Muni Bd BBN 17.98 17.17 -4.5 6.5 RiverNorth Mgd Dur Mun I RMM 16.71 15.94 -4.6 6.9
V Eqty & Conv Inc NIE NA 25.08 NA 30.9 CANTOR FITZGERALD INFR;S 12.60 NA NA NS CION Ares Dvsfd Crdt;W NA NA NA 8.6
SRH Total Return STEW 21.53 16.67 -22.6 29.4 DoubleLine:Oppor Crdt Fd DBL 15.58 15.59 +0.1 8.5 Western Asset Mgd Muni MMU NA 10.62 NA 5.7
Sweater Cashmere 21.97 NA NA 3.7 CNR Select Strategies 15.87 NA NA 0.0
Tri-Continental TY 39.24 34.67 -11.6 31.0 World Equity Funds EVLmtDurIncm EVV 10.66 10.34 -3.0 9.3 Single State Muni Bond
Primark Priv Eq Inv:I 14.46 NA NA 19.8 Diamond Hill Sec Cr;R 10.08 NA NA NS
Specialized Equity Funds abrdn Emg Mkts Eq Inc AEF 6.25 5.32 -14.9 17.4 Franklin Ltd Dur Income FTF 7.04 6.71 -4.7 11.0 BlackRock CA Mun BFZ 12.92 11.76 -9.0 5.6
Thornburg Inc Bldr Opps TBLD 19.00 16.95 -10.8 15.3 First Eagle Crdt Opps A 23.16 NA NA 10.6
abrdn Glb Prem Prop AWP 4.19 4.30 +2.6 32.9 abrdn Glbl Dyn Div AGD 11.22 10.22 -8.9 22.6 FS Credit Opportunities FSCO NA 6.74 NA 10.4 BR MH CA Qly Fd Inc MUC 12.72 11.35 -10.8 5.2
VirtusTotalRetFd ZTR NA 6.20 NA NA First Eagle Crdt Opps A2 23.11 NA NA 10.4
abrdn Global Infra Inc ASGI 20.16 19.70 -2.3 27.3 abrdn Tot Dyn Div AOD 9.73 8.75 -10.1 23.4 J Han Investors JHI 15.15 14.38 -5.1 7.0 BR MH NJ Qly MUJ 13.23 11.81 -10.7 5.0 First Eagle Crdt Opps I 23.02 NA NA 11.2
Adams Natural Resources PEO 25.71 22.45 -12.7 20.8 Allspring Gl Div Oppty EOD 5.77 5.07 -12.1 30.2 MFS Charter MCR 6.91 6.37 -7.8 0.0 BR MH NY Qly MHN 12.25 10.89 -11.1 4.9 Prem12 Mo First Trust Private Cr;A NA NA NA 9.7
ASA Gold & Prec Met Ltd ASA 22.99 20.64 -10.2 36.5 BlackRock Cap Alloc Term BCAT 17.16 16.22 -5.5 26.4 NuvCorePlusImpact NPCT 12.10 11.34 -6.3 10.9 BR MuniYld MI Qly MIY 13.26 11.91 -10.2 4.7 Fund (SYM) NAV Close /Disc Yld
First Trust Private Cr;I NA NA NA 10.1
BR Enh C&I CII 22.11 20.38 -7.8 19.7 Calamos GloDynInc CHW 8.03 7.23 -10.0 40.9 Nuveen Taxable Muni Inc NBB 17.01 16.54 -2.8 6.2 BR MuniYld NY Qly MYN 11.86 10.64 -10.3 5.1 U.S. Mortgage Bond Funds Franklin BSP Pvt Cr:A NA NA NA 8.3
BlackRock Energy & Res BGR 14.36 13.48 -6.1 18.5 EV TxAdvGlbDivInc ETG NA 19.30 NA 25.3 PIMCO Corp & Inc Oppty PTY 11.76 14.80 +25.9 9.6 BR MuniYld PA Qly MPA 13.32 12.31 -7.6 5.5 Arca US Treasury NA NA NA 0.0 Franklin BSP Pvt Cr:Adv NA NA NA 8.8
BlackRock Eq Enh Div BDJ 9.48 8.84 -6.8 26.6 EtnVncTxAdvOpp ETO NA 26.50 NA 24.9 PIMCO Corp & Inc Strat PCN 11.95 14.03 +17.4 9.6 BlackRock NY Mun BNY 12.21 10.81 -11.4 4.9 CATALYST STRAT INC OPPS NA NA NA NS FS Credit Income;A 12.41 NA NA 7.9
BlackRock Enh Glbl Div BOE 12.58 11.35 -9.8 23.8 Highland Global Alloc HGLB 12.19 7.74 -36.5 6.9 PIMCOHilnco PHK 4.75 5.08 +6.9 11.4 EVCAMuniBd EVM 10.47 9.59 -8.4 4.9 Ellington Inc Opp:A 9.25 NA NA 11.7 FS Credit Income;I 12.45 NA NA 8.1
BlackRock Enh Intl Div BGY 6.21 5.60 -9.8 17.5 India Fund IFN 19.12 17.50 -8.5 11.0 PIMCO IncmStrFd PFL 8.19 8.54 +4.3 11.4 Eaton Vance NY Muni Bd ENX 10.93 9.97 -8.8 4.8 Ellington Inc Opp:M 9.11 NA NA 12.3 FS Credit Income;T 12.44 NA NA 7.6
BlackRock ESG Cap All T ECAT 18.52 17.47 -5.7 28.3 Japan Smaller Cap JOF 9.90 8.02 -19.0 11.8 PIMCO IncmStrFd II PFN 7.24 7.57 +4.6 11.4 InvCaValMuIncTr VCV 11.40 10.57 -7.3 5.6 Loan Participation Funds FS Credit Income;U 12.39 NA NA 7.4
BlackRock Hlth Sci Term BMEZ 17.60 15.81 -10.2 LazardGlbTotRetInc LGI 18.61 17.12 -8.0 27.3 Putnam Mas Int PIM 3.47 3.32 -4.5 8.0 InvPAValMuIncTr VPV 11.85 11.38 -4.0 5.1 1WS Credit Income;A2 19.13 NA NA 8.3 FS Credit Income;U-2 12.50 NA NA 7.4
23.6
17.68 13.84 -21.7 -17.6 InvTrInvGrNYMu VTN 12.04 11.66 -3.2 5.4 1WS Credit Income;Inst 19.62 NA NA 8.1 KKR CREDIT OPPTY;D NA NA NA 9.2
BlackRock Hlth Sciences BME 43.17 39.41 -8.7 8.8 Mexico MXF Putnam Prem Inc PPT 3.84 3.58 -6.8 8.7
MS ChinaShrFd CAF 15.59 12.63 -19.0 2.0 Apollo Diversified Cd:A NA NA NA 8.7 KKR CREDIT OPPTY;I NA NA NA 9.5
BlackRock Innov&Gro Term BIGZ 9.01 8.08 -10.3 22.1 Western Asset Dvsfd Inc WDI NA 15.03 NA 11.7 Nuveen CA AMT-F Qual MI NKX 13.31 12.87 -3.3 5.7
Apollo Diversified Cd:C NA NA NA 8.0 KKR CREDIT OPPTY;T NA NA NA 8.7
BlackRock Res & Comm BCX 10.15 9.20 -9.4 14.0 MS India IIF 34.22 29.34 -14.3 40.2 Western Asset Inf-Lk Inc WIA NA 8.25 NA 7.2 Nuveen CA Val NCA 9.50 8.76 -7.8 3.9
Apollo Diversified Cd:F NA NA NA 10.8 KKR CREDIT OPPTY;U NA NA NA 8.7
BlackRock Sci&Tech Term BSTZ 24.26 21.92 -9.6 44.3 Nuveen Multi-Asset Inc NMAI 14.11 12.94 -8.3 18.9 Western Asset Inf-Lk O&I WIW NA 8.64 NA 8.3 NuveenCAQtyMuInc NAC 12.80 11.77 -8.0 6.1
Apollo Diversified Cd:I NA NA NA 9.0 MA SPECIALTY CREDIT IN;S 25.12 NA NA NS
BlackRock Sci&Tech Trust BST 40.69 38.04 -6.5 21.1 Nuveen Rl Asst Inc & Gro JRI 13.88 13.51 -2.7 34.4 World Income Funds NuvNJ Qual Muni Inc NXJ 13.72 12.66 -7.7 5.6 Apollo Diversified Cd:L NA NA NA 8.5 NIAGARAINCOMEOPPORTNTS NA NA NA NS
BlackRock Utl Inf & Pwr BUI 24.01 23.89 -0.5 23.7 NYLI CBRE Glbl Inf Meg T MEGI 14.93 13.39 -10.3 18.2 abrdn AP IncFd FAX 17.49 16.04 -8.3 12.4 Nuveen NY AMT/Fr Qual MI NRK 12.09 11.04 -8.7 6.1 Apollo Diversified Cd:M NA NA NA 8.3 Palmer Square Opp Inc 18.22 NA NA 8.9
CLEARBRIDGEENGYMDSOPP EMO NA 49.06 NA 56.4 Templeton Dragon TDF 10.36 8.52 -17.8 5.8 MS EmMktDomDebt EDD 5.23 4.73 -9.6 9.6 Nuveen NY Val NNY 9.14 8.38 -8.3 4.0 Axonic Alternative I;A NA NA NA 8.9 World Income Funds
ChnStrInfr UTF 25.13 25.62 +1.9 28.8 Templeton Em Mkt EMF 15.09 12.68 -16.0 16.0 PIMCO Access Income PAXS 15.46 16.40 +6.1 10.6 Nuveen NY Qual Muni Inc NAN 12.58 11.63 -7.6 6.0 Axonic Alternative I Ins NA NA NA 8.9 BlueBay Destra Itl E:A 23.17 NA NA 7.3
Cohen&SteersQualInc RQI 13.94 13.35 -4.2 27.2 Prem12 Mo PIMCO Dynamic Inc Strat PDX NA 26.61 NA 5.1 Nuveen PA Qual Muni Inc NQP 13.41 12.06 -10.1 5.8 Bluerock HI Inst Crd:A NA NA NA 15.7 BlueBay Destra Itl E:I 23.20 NA NA 7.5
CohenStrs Real Est and I RLTY 17.17 16.00 -6.8 32.6 Fund (SYM) NAV Close /Disc Yld PIMCO Dynamic Income PDI 17.28 19.30 +11.7 13.8 Nuveen VA Qlty Mun Inc NPV 12.59 13.45 +6.8 5.0 Bluerock HI Inst Crd:C NA NA NA 15.7 BlueBay Destra Itl E:L 23.15 NA NA 7.0
Cohen&Steers TotRet RFI 12.37 12.81 +3.6 21.3 U.S. Mortgage Bond Funds PIMCO Dynamic Inc Opp PDO 13.16 13.85 +5.2 11.2 PIMCO CA PCQ 10.73 9.73 -9.3 4.4 Bluerock HI Inst Crd:F NA NA NA 15.7 BlueBay Destra Itl E:T 23.02 NA NA 6.8
CohenStrsREITPrefInc RNP 22.31 22.72 +1.8 27.6 BlckRk Income BKT 12.20 12.13 -0.5 8.7 PIMCO Stratg Inc RCS 4.50 8.05 +78.9 7.8 PIMCOCAMuniII PCK 6.87 6.00 -12.7 4.3 Bluerock HI Inst Crd:I NA NA NA 15.7 BOOSTER INCOME OPPTYS 10.02 NA NA NS
Columbia Sel Prm Tech Gr STK 35.87 35.31 -1.6 26.3 Templtn Glbl Inc SABA NA 9.05 NA NE Pimco CA Muni III PZC 7.93 7.19 -9.3 4.9 BNYM Alcntr Glb MS Cr Fd 95.79 NA NA NA

.
Investment Grade Bond Funds Calamos-Aksia ACI:A 10.69 NA NA 8.4
DNP Select Income DNP 9.19 9.41 +2.4 20.8 Angel Oak FS Inc Trm FINS 14.15 12.90 -8.8 10.2 Templeton Em Inc TEI 5.91 5.39 -8.8 10.6 52 wk CliffwaterClFd;I NA NA NA 11.0 Calamos-Aksia ACI:C 10.68 NA NA 7.6

ly
Duff&Ph Uti&Infra Inc Fd DPG NA 12.12 NA 42.3 BlRck Core Bond BHK 10.76 11.20 +4.1 7.9 WstAstEmergDebt EMD NA 10.13 NA 10.1 Prem Ttl CliffwaterElFd;I 11.08 NA NA 10.9 Calamos-Aksia ACI:I 10.70 NA NA 8.6
EtnVncEqtyInc EOI NA 21.74 NA 48.0 BR Credit Alloc Inc BTZ 11.56 11.02 -4.7 9.1 Western Asset Gl Cr D Op GDO NA 11.83 NA 11.5 Fund (SYM) NAV Close /Disc Ret CNR Strategic Credit 7.20 NA NA 22.9 Calamos-Aksia ACI:M 10.69 NA NA 7.9
EtnVncEqtyIncoII EOS NA 24.06 NA 43.8 Insight Select Income INSI 18.00 17.61 -2.2 4.5 National Muni Bond Funds General Equity Funds Floating-Rate Opps;A 10.28 NA NA NS Carlyle Tact Pvt Cred:A NA NA NA 9.4
EVRskMnDvsEqInc ETJ 9.98 9.37 -6.1 31.0 InvescoBond VBF 16.64 16.04 -3.6 5.4 AllBerNatlMunInc AFB 12.93 11.40 -11.8 3.5 Alternative Strategies:I 15.45 NA NA 3.9 Floating-Rate Opps;I 10.27 NA NA 10.1 Carlyle Tact Pvt Cred:I NA NA NA 9.8
ETnVncTxMgdBuyWrtInc ETB 16.02 15.07 -5.9 27.2 12.40 11.63 -6.2 4.0 BlckRk Inv Q Mun BKN 13.17 12.24 -7.1 5.5 Specialized Equity Funds Floating-Rate Opps;U 10.28 NA NA NS Carlyle Tact Pvt Cred:L NA NA NA 9.2
EtnVncTxMgdBuyWrtOpp ETV 15.28 14.52 -5.0
EvTxMnDvsEqInc ETY 15.62 15.26 -2.3
EtnVncTxMgdGlbB ETW 9.59 8.67 -9.6
EVTxMnGblDvEqInc EXG 9.48 8.59 -9.4
27.0
40.5
22.8
23.0
J Han Income JHS
MFS Intmdt MIN
Westn Asst IG Def Opp Tr IGI NA 16.88 NA 5.0
Loan Participation Funds
BR Debt Strategy DSU 10.72 10.83 +1.0 10.9
on
2.82 2.70 -4.4 0.0 BlackRock Muni 2030 Tgt BTT 24.20 21.36 -11.7 2.6
BlackRock Muni BFK 11.53 10.35 -10.2 5.7
BlackRock Muni II BLE 12.30 11.08 -9.9 5.6
BlckRk Muni Inc Qly BYM 12.81 11.68 -8.8 5.4
Accordant ODCE Index;A 9.30 NA NA -5.2
Accordant ODCE Index;I 9.33 NA NA -5.0
Accordant ODCE Index;Y 9.33 NA NA -5.0
ARK Venture 28.73 NA NA 27.1
ArrowMark Financial Corp BANX NA 20.87 NA NA
Equalize Community Dev 9.38 NA NA 3.7
FedProj&TrFinanceTendr 10.15 NA NA 6.9
Flat Rock Core Income 20.60 NA NA 9.95
Flat Rock Enhanced Inc 21.77 NA NA 11.4
InvDYCrOpp:A 10.94 NA NA 11.0
Carlyle Tact Pvt Cred:M NA NA NA 9.2
Carlyle Tact Pvt Cred:N NA NA NA 9.95
Carlyle Tact Pvt Cred:U NA NA NA 9.2
Carlyle Tact Pvt Cred:Y NA NA NA 9.3
Fid MS Cr;A NA NA NA 6.0
First Tr Enhanced Eq FFA 22.12 21.14 -4.5 27.5 BR F/R Inc Str FRA 12.99 14.31 +10.2 10.6 BR MuniAssets Fd MUA 12.04 11.84 -1.7 5.4
CASCADE PRIVATE CAP;I 17.24 NA NA NA InvDYCrOpp:R6 10.95 NA NA 11.4 NA NA NA 5.3
us ,

Gabelli Healthcare GRX 11.68 10.40 -11.0 23.8 11.80 10.78 -8.6 5.1 Fid MS Cr;C
BlackRock Floatng Rt Inc BGT 12.66 13.23 +4.5 11.0 BR MH Qly 2 MUE
CAZ Strategic Opps;I NA NA NA NS InvDYCrOpp:Y 10.95 NA NA 11.3 Fid MS Cr;I NA NA NA 6.2
Gab Utility GUT 3.29 5.44 +65.3 11.5 Blackstone Lng-Sh Cr Inc BGX NA 13.00 NA 9.6 BR MuniHoldngs MHD 13.80 12.60 -8.7 5.1
l

CAZ Strategic Opps;R NA NA NA NS Invesco Sr Loan A 5.74 NA NA 9.4 Fid MS Cr;L NA NA NA 5.7
GAMCOGlGold&NatRes GGN 4.10 4.07 -0.7 21.0 BS SFR 2027 T BSL NA 14.62 NA 9.3 BR MuniVest Fd MVF 8.19 7.42 -9.4 4.9
e
CBRE GlbRlEst IGR 5.57 5.68 +2.0 12.0 Invesco Sr Loan C 5.76 NA NA 8.6 Jackson Credit Opps:I 10.41 NA NA NS
al a

J Han Finl Opptys BTO 38.27 39.25 +2.6 42.5 BS St Cr 2027 Tm BGB NA 12.59 NA 9.1 BR MuniVest 2 MVT 12.53 11.18 -10.8 5.4 Invesco Sr Loan IB 5.74 NA NA 9.6
CIM RA&C A 21.76 NA NA 0.0 Lord Abbett Cred Opps Fd 9.01 NA NA 9.1
Neuberger Brmn Enrgy I&I NML 9.95 9.16 -7.9 48.4 Eagle Point Credit ECC NA 9.47 NA 18.4 BR MuniYield Fd MYD 12.27 11.30 -7.9 5.5 Invesco Sr Loan IC 5.74 NA NA 9.5
CIM RA&C C 21.03 NA NA -0.7 Lord Abbett Cred Opps Fd 9.01 NA NA 9.8
Neuberger Nxt Gen Conn NBXG 15.47 13.59 -12.2 40.2 Eagle Point Income EIC NA 15.82 NA 15.3 BR MuniYield Qlty MQY 13.37 12.75 -4.6 5.4 CIM RA&C I 22.01 NA NA 0.2 Invesco Sr Loan Y 5.75 NA NA 9.6 Lord Abbett Crd Op:U 9.01 NA NA 9.1
ci on

NubrgrRlEstSec NRO 3.86 3.78 -2.1 39.4 EtnVncFltRteInc EFT 13.22 13.47 +1.9 10.5 BR MuniYld Qlty2 MQT 11.80 10.63 -9.9 5.5 CIM RA&C L 21.50 NA NA -0.2 Lord Abbett FR Hi Inc:A 10.29 NA NA 9.9 Oaktree Dvsfd Income;D 9.30 NA NA 8.5
NuvDow30DynOverwrite DIAX 17.65 15.75 -10.8 22.2 EV SenFlRtTr EFR 12.94 12.98 +0.3 10.6 BR MuniYld Qly 3 MYI 12.67 11.55 -8.8 5.7 Connetic Venture CA;I 10.15 NA NA NS Lord Abbett FR Hi Inc:I 10.29 NA NA 10.4 PIMCO Flexible EM I;Inst 8.63 NA NA 8.3
NuvCorEqAlpha JCE 16.22 15.99 -1.4 28.4 FT/Sr Fltg Rte Inc 2 FCT 10.84 10.31 -4.9 11.1 BNY Mellon Muni Bd Infra DMB 12.44 11.02 -11.4 3.2 Forum RE Income;Founders 9.69 NA NA 13.8 Monachil Credit Income:I 10.07 NA NA 9.9 National Muni Bond Funds
NuveenNasdaq100DynOv QQQX 30.01 27.18 -9.4 25.8 Highland Oppty & Income HFRO 12.82 5.79 -54.8 8.5 BNY Mellon Str Muni Bond DSM 6.94 6.12 -11.8 3.5 Forum RE Income;I 9.69 NA NA 13.7 Nomura Alt Inc;I 10.05 NA NA 10.8 Ecofin Tax-Exempt Prv Cr 8.35 NA NA 2.5
Nuv Real Est JRS 9.76 9.43 -3.4 39.5 InvDYCrOpp:AX VTA 10.94 NA NA NA BNY Mellon Strat Muni LEO 7.27 6.39 -12.1 3.5 Forum RE Income;K 9.68 NA NA NS Octagon XAI CLO Inc;I 25.21 NA NA NS Lind Cap Pt Mun Cred Inc 9.04 NA NA 6.6
NuvS&P500DynOvFd SPXX 19.15 17.86 -6.7 29.6 InvSnrIncTr VVR 3.96 4.01 +1.3 13.0 DWS Muni Inc KTF 10.39 10.05 -3.3 6.0 HMLTN LN PRIV INFRA;I NA NA NA NS OFS Credit Company OCCI NA 7.37 NA NA Lord Abbett Muni Opps:A 10.31 NA NA NS
NuvSP500BuyIncFd BXMX 15.82 14.23 -10.1 20.0 Nuveen Credit Strat Inc JQC 5.95 5.91 -0.7 11.0 EVMuniBd EIM 11.54 10.76 -6.8 5.3 HMLTN LN PRIV INFRA;R NA NA NA NS PC PCAAM AI;I 10.20 NA NA NS Lord Abbett Muni Opps:I 10.31 NA NA NS
er s

ReavesUtilityIncome UTG 34.62 34.75 +0.4 40.9 NuvFloatRateIncFd JFR 9.31 9.14 -1.8 11.1 EVMuniIncm EVN 11.54 10.64 -7.8 5.2 HMLTN LN PRIV INFRA;Y NA NA NA NS PEARL DIVER CREDIT CO NA 20.66 NA NS Nuveen En HY Muni Bd:A1 7.99 NA NA 4.9
JACKSON REAL ASSETS;I 10.62 NA NA NS PRINCIPAL PRIVATE CR I;A 10.34 NA NA NS Nuveen En HY Muni Bd:A2 8.00 NA NA 5.1
MEKETA INFRSTRCTR;I 27.10 NA NA NS PRINCIPAL PRIVATE CR I;Y 10.37 NA NA NS Nuveen En HY Muni Bd:I 7.99 NA NA 5.5
m er

MEKETA INFRSTRCTR;III 27.09 NA NA NS PRINCIPAL PRVT CR I;INS 10.36 NA NA NS NYLI MacKay Mu IO;A1 10.36 NA NA NS
Insider-Trading Spotlight NexPointRlEstStrat;A 16.22 NA NA 1.5 SEI Alternative Income:F 10.39 NA NA 7.8
SEI Alternative Income:Y 10.39 NA NA 8.1
NYLI MacKay Mu IO;A2 10.37 NA NA NS
NexPointRlEstStrat;C 16.44 NA NA 0.8 NYLI MacKay Mu IO;A3 10.36 NA NA NS
Trading by ‘insiders’ of a corporation, such as a company’s CEO, vice president or director, potentially conveys NexPointRlEstStrat;Z 16.45 NA NA 1.8 Voya Enhanced Sec Inc:A NA NA NA NS NYLI MacKay Mu IO;I 10.36 NA NA NS
new information about the prospects of a company. Insiders are required to report large trades to the SEC PENDER REAL ESTATE CR;A 10.05 NA NA NS Voya Enhanced Sec Inc:C NA NA NA NS PIMCO Flex Mun Inc;A-3 10.57 NA NA 3.5
within two business days. Here’s a look at the biggest individual trades by insiders, based on data received by PENDER REAL ESTATE CR;I1 10.05 NA NA 8.2 Voya Enhanced Sec Inc:I NA NA NA NS PIMCO Flex Mun Inc:A1 10.57 NA NA 3.7
m rp

LSEG Data and Analytics on December 6, and year-to-date stock performance of the company PENDER REAL ESTATE CR;I2 10.05 NA NA 8.4 Yieldstreet Alt Inc NA NA NA 7.9 PIMCO Flex Mun Inc;A2 10.57 NA NA 3.7
KEY: B: beneficial owner of more than 10% of a security class CB: chairman CEO: chief executive officer CFO: chief financial officer PIMCO FLEXIBLE REI;F 10.50 NA NA NS High Yield Bond Funds PIMCO Flex Mun Inc;Inst 10.57 NA NA 4.2
PIMCO Flexible REI;Inst 10.50 NA NA 10.8 AB CarVal Credit Opp;Adv 10.04 NA NA NS Single State Muni Bond
CO: chief operating officer D: director DO: director and beneficial owner GC: general counsel H: officer, director and beneficial owner
Principal Real Asst A 26.18 NA NA 6.2 AB CarVal Credit Opp;A 10.04 NA NA NS PIMCO CA FMI;A-1 10.43 NA NA 2.7
I: indirect transaction filed through a trust, insider spouse, minor child or other O: officer OD: officer and director P: president UT: Principal Real Asst Ins 26.33 NA NA 6.6 AB CarVal Credit Opp;C 10.04 NA NA NS PIMCO CA FMI;Inst 10.43 NA NA 3.2
unknown VP: vice president Excludes pure options transactions
co Fo

Biggest weekly individual trades Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks

Based on reports filed with regulators this past week

Date(s) Company Symbol Insider Title

No. of shrs in Price range ($) $ Value
trans (000s) in transaction (000s) Close ($) Ytd (%)
Money Rates December 6, 2024
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
Buyers guide to general levels but don’t always represent actual transactions.
Dec. 3 Allegion ALLE J. Stone CEO 8 140.70 1,055 140.49 10.9 Week —52-WEEK— Week —52-WEEK—
Inflation Latest ago High Low Latest ago High Low
Nov. 26-29 Liberty Latin America LILA B. Paddick D 105 6.93-7.15 746 6.84 -6.4 Oct. index Chg From (%)
Dec. 3-4 Zenas BioPharma ZBIO L. Moulder CEO 70 9.98-10.76 718 10.85 n.a. level Sept. '24 Oct. '23 Federal funds Commercial paper (AA financial)
Effective rate n.a. 4.5800 5.3400 4.5800 90 days 4.51 n.a. 5.39 4.45
Nov. 27 Walmart WMT R. Moritz D 5 91.81 500 95.70 82.1 U.S. consumer price index High n.a. 4.8000 5.6500 4.8000
Nov. 26-27 Biglari Holdings BH.A S. Biglari CEOI 0.5 1030.10-1068.21 483 1135.00 43.0 All items 315.664 0.12 2.6 Low n.a. 4.5500 5.3300 4.5500 Secured Overnight Financing Rate
Core 321.758 0.20 3.3
n-

Dec. 2-3 S. Biglari CEOI 0.4 1078.01-1108.95 459 Bid n.a. 4.5700 5.3300 4.4700 4.59 4.57 5.40 4.56
International rates Offer n.a. 4.6000 5.3600 4.5800
Nov. 27 Synovus Financial SNV K. Howard O 8 58.00 435 55.77 48.1 Value 52-Week
Treasury bill auction Latest Traded High Low
Dec. 3 Dorchester Minerals DMLP L. Moriyama CFO 12 34.41 415 33.22 4.4 Week 52-Week
Latest ago High Low 4 weeks 4.400 4.550 5.325 4.400 DTCC GCF Repo Index
Nov. 27 Newmont NEM H. Conger DI 9 42.15 400 41.11 -0.7
4.400 4.415 5.260 4.400
no

13 weeks 58.700 5.504 4.584

Treasury 4.644
Nov. 26-27 Fossil Group FOSL F. Fogliato CEO 250 1.37-1.49 359 1.97 34.9 Prime rates 26 weeks 4.305 4.340 5.190 4.215 MBS 4.654 54.150 5.689 4.606
U.S. 7.75 7.75 8.50 7.75
Dec. 2 Nuveen Churchill Direct Lending NCDL K. Kencel CEOI 20 17.37 347 17.23 n.a. Other short-term rates
Canada 5.95 5.95 7.20 5.95 Weekly survey
Nov. 27 K. Kencel CEOI 20 17.35 347 Japan 1.625 1.625 1.625 1.475
Week 52-Week Latest Week ago Year ago
Dec. 2-4 Liberty Latin America LILAK B. Paddick D 50 6.69-6.98 345 6.82 -7.1 Latest ago high low
Policy Rates
Dec. 3 Accelerate Diagnostics AXDX J. Patience DI 200 1.57 314 1.58 -59.7 Freddie Mac
Euro zone 3.40 3.40 4.50 3.40 Call money
Switzerland 1.50 1.50 2.25 1.50
30-year fixed 6.69 6.81 7.03
Dec. 2-4 Liberty Latin America LILA B. Paddick D 44 6.72-6.98 304 6.84 -6.4 6.50 6.50 7.25 6.50 15-year fixed 5.96 6.10 6.29
Britain 4.75 4.75 5.25 4.75
Dec. 4 Equity Bancshares EQBK L. Borck D 6 44.50 249 47.53 40.2 Australia 4.35 4.35 4.35 4.35
Notes on data:
Dec. 4 Greenwave Technology Solutions GWAV D. Meeks CEO 377 .66 249 0.82 -99.0 Overnight repurchase U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
U.S. 4.65 4.62 5.48 4.56 and is effective November 8, 2024. Other prime rates aren’t directly comparable; lending practices
vary widely by location; Discount rate is effective November 8, 2024. Secured Overnight Financing
Sellers Rate is as of December 5, 2024. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s
U.S. government rates weighted average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars.
Nov. 29-Dec. 3Palantir Technologies PLTR S. Sankar CT 5,280 66.56-70.08 369,908 76.34 344.6 Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET.
Discount
Dec. 2-4 Apollo Global Management APO L. Black B 1000* 173.01-175.41 173,477 177.85 90.8 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet;
4.75 4.75 5.50 4.75 Tullett Prebon Information, Ltd.
Dec. 3-4 S. Kleinman OD 500* 173.58-174.39 86,835
Nov. 8 Alkami Technology ALKT G. Kaiser FO 2,500 37.50 93,750 40.40 66.6
Nov. 26 Select Medical Holdings SEM R. Ortenzio ODI 3,805 19.55 74,384 19.82 56.6 Cash Prices | wsj.com/market-data/commodities Friday, December 06, 2024
Dec. 2 Netflix NFLX R. Hastings OD 48 885.66-901.54 43,362 934.74 92.0 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—separate
Dec. 2-3 MP Materials MP J. Litinsky CEOI 1,814 20.68-23.81 41,787 19.72 -0.7 from the futures price on an exchange, which reflects what the commodity might be worth in future months.
Dec. 2-3 Astera Labs ALAB M. Tate CFOI 334 101.62-117.10 36,121 120.40 n.a. Friday Friday Friday
Copper,Comex spot 4.1385 Wheat,No.2 soft red,St.Louis-u 5.6225
Dec. 3 Airbnb ABNB J. Gebbia DO 234* 135.67-138.17 32,051 136.92 0.6 Energy Iron Ore, 62% Fe CFR China-s *104.4 Wheat - Hard - KC (USDA) $ per bu-u 5.5375
Nov. 26-27 Copart CPRT A. Adair ODI 500 63.63-63.79 31,855 62.08 26.7 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 78.650 Steel, HRC USA, FOB Midwest Mill-s *695.0 Wheat,No.1soft white,Portld,OR-u 6.0000
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.050 Battery/EV metals
Dec. 2 Palo Alto Networks PANW L. Klarich O 60 387.39-391.73 23,365 405.90 37.6 Food
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,w 10600
Nov. 29 Gilead Sciences GILD A. Dickinson CFO 249 92.76-92.77 23,065 92.13 13.7 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9350 Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,w 3643 choice 1-3,600-900 lbs.-u 293.96
Dec. 4 Meta Platforms META M. Zuckerberg CEOI 36 606.53-616.85 21,980 623.77 76.2 Engelhard industrial 2633.00 BMI Nickel Sulphate, EXW China, >22%-v,m 3512 select 1-3,600-900 lbs.-u 260.35
Dec. 3 M. Zuckerberg CEOI 36 600.06-614.02 21,839 Handy & Harman base 2637.30 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 Broilers, National comp wtd. avg.-u,w 1.3016
Handy & Harman fabricated 2927.40 Butter,AA Chicago-d 2.5450
Dec. 2 Datadog DDOG A. Le-Quoc CT 138 151.87-153.36 21,114 168.65 38.9 LBMA Gold Price AM *2649.15
Fibers and Textiles Cheddar cheese,bbl,Chicago-d 169.00
Dec. 2 DoorDash DASH T. Xu CEO 115 176.36-180.01 20,433 178.48 80.5 LBMA Gold Price PM *2640.15 Burlap,10-oz,40-inch NY yd-n,w 0.8400 Cheddar cheese,blk,Chicago-d 170.00
Krugerrand,wholesale-e 2731.40 Cotton,1 1/16 std lw-mdMphs-u 0.6661 Milk,Nonfat dry,Chicago lb.-d 139.00
Nov. 26 T. Xu CEO 108 180.07 19,508 Maple Leaf-e 2757.67 Cotlook 'A' Index-t *81.60 Coffee,Brazilian,Comp-y 3.2052
Dec. 2-3 Grindr GRND J. Lu DOI 1,317 15.17-15.32 20,068 15.94 81.5 American Eagle-e 2757.67 Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 3.3651
Mexican peso-e 3174.59 Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 3.8650
* Half the transactions were indirect **Two day transaction Austria crown-e 2577.35 Flour,hard winter KC-p 15.40
p - Pink Sheets Austria phil-e 2757.67 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u 1.03
Silver, troy oz. Bran,wheat middlings, KC-u,w 136 Hogs,Iowa-So. Minnesota-u 81.75
Engelhard industrial 31.2500 Corn,No. 2 yellow,Cent IL-bp,u 4.1300 Pork bellies,12-14 lb MidUS-u n.a.
Insider Buying and selling by sector Handy & Harman base 31.1680 Corn gluten feed,Midwest-u,w 121.2 Pork loins,13-19 lb MidUS-u 0.9592
Based on actual transaction dates in reports received this past week Handy & Harman fabricated 38.9600 Corn gluten meal,Midwest-u,w 459.7 Steers,Tex.-Okla. Choice-u 190.00
LBMA spot price *£24.6200 Cottonseed meal-u,w 315 Steers,feeder,Okla. City-u,w 309.00
(U.S.$ equivalent) *31.3450 Hominy feed,Cent IL-u,w 112
Sector Buying Selling Sector Buying Selling
Coins,wholesale $1,000 face-a 23583 Meat-bonemeal,50% pro Mnpls-u,w 313
Fats and Oils
Basic Industries 431,353 50,971,660 Finance 2,452,164 98,782,004 Other metals Oats,No.2 milling,Mnpls-u 4.1925 Degummed corn oil, crude wtd. avg.-u,w n.a.
LBMA Platinum Price PM *942.0 Rice, Long Grain Milled, No. 2 AR-u,w 35.25 Grease,choice white,Chicago-h 0.4100
Capital Goods 431,615 84,426,440 Health care 1,435,657 126,625,015 LBMA Palladium Price PM *975.0 Sorghum,(Milo) No.2 Gulf-u n.a. Lard,Chicago-u n.a.
Consumer durables 76,764 8,447,694 Public Utilities 73,810 3,343,661 Platinum,Engelhard industrial 939.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 308.25 Soybean oil,crude;Centl IL-u,w 0.4306
Palladium,Engelhard industrial 980.0 Soybeans,No.1 yllw IL-bp,u 9.6900 Tallow,bleach;Chicago-h 0.4350
Consumer non-durables 359,159 20,053,044 Technology 1,576,789 2,812,093,857 Aluminum, LME, $ per metric ton *2620.5 Wheat,Spring14%-pro Mnpls-u 8.2650 Tallow,edible,Chicago-u n.a.
Consumer services 4,716,910 182,461,877 Transportation 22,500 4,332,987
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co;
Energy 414,641 11,504,728 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 12/5
Sources: LSEG Data and Analytics; Dow Jones Market Data Source: Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Monday, December 9, 2024 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Small AI-Chip Maker Is Now More Valuable Than Intel

Marvell’s role in helping tech titans create their own data-center chips has boosted its revenue—and valuation

Matt Murphy has no interest in Intel, which generates 10 times as Marvell’s segment revenue* Market capitalization, year to date third of that market.”
running a chip company 10 times much annual revenue. $10 billion $250 billion What could spoil the party?
the size of his current one. Marvell’s trajectory suggests Like Nvidia, Marvell has signifi-
Murphy, who has served as chief the revenue gap will continue to Other businesses cant exposure to booming AI in-
executive of Marvell Technology narrow. The explosive growth of 8 Data center 200 vestments that makes the com-
since 2016, was among the few its data-center business has pany vulnerable to downturns in
names floated as potential replace- reached a point where it can more Intel that spending. That could happen
6 150
ments for the recently ousted Pat fully offset weakness in its more if the AI services by tech giants
Gelsinger at Intel’s corner office. legacy segments, which sell chips and their business customers fail
That led to the rare sight of a CEO used in goods such as telecommu- 4 100 to catch on. The big buyers could
using his earnings call to deny he is nications gear and autos. put a pause on spending to absorb
on the market. “I am all in,” he said Data-center sales nearly dou- Marvell equipment already purchased.
on Marvell’s Dec. 3 call, the day af- bled year over year to $1.1 billion 2 50 Such “digestion” periods are com-
ter Gelsinger’s exit and media out- in the just-ended quarter, and mon in the data-center market.
lets reported him as a candidate. Marvell’s projection for the cur- But with its stock trading nearly
0 0
His timing was good. A strong rent period indicates it will end its 45 times forward earnings—a 21%
earnings report and news of an ex- fiscal year in January with the FY2020 ’21 ’22 ’23 ’24 ’25 ’26 ’27 Jan. 2024 Dec. premium to Nvidia’s multiple—
panded relationship with Amazon data center unit encompassing *Fiscal year ends in January. FY25-27 are projections Sources: Visible Alpha (revenue); FactSet (market cap) Marvell isn’t priced for the slight-
lit up Marvell’s stock, which rose about 72% of its total revenue, up est of speed bumps.
60% for the year at the start of the from 40% in the previous year. ence recently. Analysts believe for this year, according to consensus Murphy isn’t worried. “We’ll
week. The shares jumped 18% since Marvell’s latest deal with Amazon Trainium will play a role in Mar- estimates from Visible Alpha. Ana- see digestion at some point,” he
Tuesday’s report, putting Marvell’s is a five-year agreement that has vell’s AI custom revenue more than lyst Mark Lipacis of Evercore ISI said, adding that AI is only part of
market capitalization briefly above Marvell helping Amazon design its doubling in the fiscal year ending projects the industry for custom AI what is driving investment in so-
$100 billion for the first time ever own artificial-intelligence chips. Am- January 2026. That is expected to chips will reach $30 billion to $50 called accelerated computing sys-
(it was about $5 billion when Mur- azon announced the next generation help propel Marvell’s annual reve- billion in sales by 2030. In a note to tems. “We know it’s not going to
phy took the job). The latest gains of its largest AI chip, called Train- nue to more than $8 billion in fiscal clients last week, he said Marvell be a straight line over the next 10
put Marvell’s market cap ahead of ium, at its annual developers confer- 2026, up 40% from what is expected “has the potential to capture one- years,” he said. —Dan Gallagher

UnitedHealth Backlash Signals Possible Political Shift

.
ly
Health insurers were looking ment toward private insurers. A age to protect profit margins, a begun cracking down on. In such an care Advantage, to prevail.
forward to an improved political
environment in the Trump admin-
istration. Things might not turn
out to be so simple.
on
Facebook post from the company
expressing sorrow over the killing
of Brian Thompson, chief executive
of the insurance unit, prompted
criticism the killer seemingly al-
luded to with the words “deny,” “de-
fend” and “depose” scrawled on
found bullet casings.
environment, Republicans could
support some of these measures,
and insurance executives could
tread more carefully when it comes
Wall Street remains bullish on
UnitedHealth. On Friday, Sarah
James, an analyst at Cantor
Fitzgerald, raised her price target
After four years of stringent more than 70,000 laugh emojis. UnitedHealth Group’s stock to denying medical claims. for the company to $700. Other
us ,

oversight under President Biden, a Joking about the murder of a hu- dropped sharply in recent days, a From the election through Tues- analysts appear to share a positive
l

Donald Trump victory was ex- man being is deeply insensitive. And decline partly attributed to the com- day, the day before the killing, the view, with 21 of 25 analysts on
e
al a

pected to usher in regulatory re- it should be needless to say that no pany’s forecast, released the day be- shares of insurers such as United- FactSet rating UnitedHealth shares
lief, particularly for the Medicare one should face threats or violence, fore the fatal shooting. It projected Health, Humana and CVS Health as a “buy” or “overweight.”
Advantage sector. Trump’s pick to no matter how contentious the de- higher-than-expected medical costs beat the market, reflecting optimism The full consequences of the
ci on

lead the Centers for Medicare and bate over health policy might be. for the company in 2025. about a more favorable regulatory shooting won’t be fully understood
Medicaid Services, the TV person- Yet the negative feelings on dis- Investors might be concerned environment. Analysts and investors for some time. But the outpouring
ality Mehmet Oz, voiced strong play toward insurers can’t be ig- there will be even greater scrutiny will now be watching closely how of negative sentiment toward in-
support for private insurers. nored. At the very least, they under- on certain insurer practices such as the Trump administration appears surers has at the very least made
But in the wake of the fatal score the anger over the perceived prior authorizations—a health plan’s to be leaning. For now, most expect things more complicated for them
er s

shooting of a UnitedHealth Group dysfunction of the American health- requirement for a doctor to get ap- traditional Republican priorities, and for Republicans hoping to de-
executive, there has been an out- care system. In recent years, insur- proval before providing a service— such as trying to shift more patients regulate them.
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pouring of negative public senti- ers were accused of denying cover- which the Biden administration had into privately administered Medi- —David Wainer
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Bad Gift #64

ANOTHER PAIR OF SLIPPERS
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Just get
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her jewelry.
$
1,595
Compare at $2,295

6.50 ct. t.w. Emerald and 1.50 ct. t.w. Diamond

Tennis Necklace in Sterling Silver - 18"
Available in 20" $1,695

ORDER TODAY!
To receive this special price and free shipping use offer code: LAVISH108
1.800.556.7376 or visit ross-simons.com/lavish
Shown larger for detail. Item #951162